Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable bounced from new three-week low (1.3415), hit after Tuesday’s 1.2% drop, boosted by weaker than expected UK inflation in May.
Weaker dollar also helps Wednesday’s recovery, as markets await Fed’s decision today and BOE’s monetary policy meeting (Thursday).
Both central banks are widely expected to hold rates this time, with market focus on signals from projections for the rest of the year.
Near-term structure weakened after Tuesday’s close below 10/20DMA’s and probe through pivotal support at 1.3444 (Fibo 38.2% of 1.3195/1.3632, also the floor of recent range) though close below this level is needed to validate negative signal and open way for deeper pullback.
On the other hand, recovery needs to regain 1.3500/15 barriers (psychological / 20DMA / 50% retracement of 1.3632/1.3415) to sideline existing downside risk and shift focus to the upside (1.3550; 1.3595; 1.3616).
Res: 1.3515; 1.3550; 1.3595; 1.3616.
Sup: 1.3415; 1.3400; 1.3377; 1.3321.
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Interested in GBP/USD technicals? Check out the key levels
- R3 1.3702
- R2 1.3641
- R1 1.3537
- PP 1.3476
- S1 1.3372
- S2 1.3311
- S3 1.3207
Updated Jun 17, 00:00 GMTSee Full Study
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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