Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable started the week in red and erased the most of Friday's recovery, pressured by strong risk aversion. The pair was down 0.4% in Asia/early Europe on Monday and slid below cracked 100DMA (1.2949), turning daily MA's back to full bearish setup. Momentum and RSI turned south, adding to negative stance, as near-term action probed below 1.29 handle and pressuring Friday's low (1.2876) which guards key support at 1.2849 (20 Feb three-month low) break of which would signal continuation of larger downtrend towards targets at: 1.2768 (8 Nov low), 1.2736 (50% retracement of 1.1958/1.3514) and 1.2690 (200DMA). Daily Tenkan-sen provides initial resistance at 1.2959 after Friday's recovery attempts dented it but failed to close above, with sustained break higher needed to ease rising bearish pressure.
Res: 1.2919; 1.2959; 1.2987; 1.3000
Sup: 1.2876; 1.2849; 1.2822; 1.2768
Interested in GBP/USD technicals? Check out the key levels
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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