Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable accelerated lower in early Friday, driven by fading risk appetite and a stronger dollar.
Five-day rally 1.3823 (Apr 22 trough) showed signs of stall and Thursday’s action formed a shooting star candle, while today’s weakness added to signals of reversal on the daily chart.
Narrowing daily cloud twists next Tuesday (1.3878) and also attracts fresh bears which pressure 1.3900 support (50% retracement of 1.3823/1.3976), with a weekly close below here further weaken near-term structure and risk deeper drop towards 1.3877 (55DMA) and 1.3860 higher bases.
Fading bullish momentum on the daily chart contributes to negative signals.
Res: 1.3912; 1.3958; 1.3976; 1.4000.
Sup: 1.3900; 1.3877; 1.3860; 1.3846.
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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