GBP/USD Outlook: Near-term risk shifts lower after repeated upside rejections

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable is holding near the lowest point of near-term congestion which extends into fourth straight day on Friday, following triple rejection ad daily cloud top and Thursday's close in red.
Thick falling weekly cloud also weighs, keeping near-term risk shifted lower.
Daily momentum remains negative and studies are in bearish setup, adding to negative outlook.
Fresh weakness probes below trendline support (1.3057) which kept the downside protected in past two weeks and firm break here would unmask key support provided by 200SMA (1.2978).
A cluster of barriers between 1.3080 and 1.3130 keep the upside limited and only break above would neutralize downside risk.

Res: 1.3080; 1.3091; 1.3130; 1.3140
Sup: 1.3042; 1.3000; 1.2978; 1.2942

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.315
2. R2 1.313
3. R1 1.3089
PP 1.3069
1. S1 1.3029
2. S2 1.3009
3. S3 1.2968

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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