GBP/USD outlook: Near-term focus shifts lower after recovery stalled

Slobodan Drvenica Windsor Brokers

GBP/USD

Cable stands at the back foot, weighed by Tuesday’s bearish daily candle with long upper shadow, formed after strong upside rejection on a false break of descending 10DMA and subsequent weakness. The action generated an initial signal of a bearish continuation pattern on a daily chart, which looks for more evidence to be confirmed.

Fresh bears need a daily close below 1.3770 pivots (Tuesday’s low / Fibo 76.4% of 1.3731/1.3897 recovery leg) to signal an end of the corrective phase.

This would confirm a bearish stance for a retest of last Friday’s low at 1.3731, violation of which would risk extension towards 1.3670 (Mar/Apr higher base) and 1.3580 (Fibo 23.6% of 1.1409/1.4249).

Falling 10DMA (1.3834) marks solid resistance which needs to continue capping and keep bears intact.

Res: 1.3803; 1.3834; 1.3897; 1.3919.
Sup: 1.3770; 1.3731; 1.3670; 1.3600.

Interested in GBP/USD technicals? Check out the key levels

1. R3 1.3999
2. R2 1.3949
3. R1 1.3874
PP 1.3824
1. S1 1.3749
2. S2 1.3699
3. S3 1.3624

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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