GBP/USD: The downside pressure is still present for Cable [Video]

Richard Perry Independent Analyst

GBP/USD

A second day of closing breach of 1.2760 shows that the downside pressure is still present for Cable. The market may have only closed marginally lower on the session, but the outlook remains corrective. This is backed up by negatively configured momentum indicators which suggest that near term rallies are a chance to sell now. The downtrend of the past three weeks falls at 1.2860 today. We look for pressure towards the next key support area around 1.2650 (old key breakout levels) but any failed move into the area between the old 1.2760 support and the downtrend at 1.2860 looks to be a chance to sell. How the market responds around the 1.2650 support will determine the next move, as a breach would really turn the market decisively corrective for potentially 1.2480 and 1.2250.

Author

Richard Perry

Independent Analyst

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