Richard Perry
Independent Analyst
GBP/USD
The recovery outlook has taken another hit as a decisive negative candle has scuppered another rebound from the $1.2900/$1.3000 support area. The support is back under pressure again this morning. Momentum indicators are again hovering around some key levels, suggesting that the outlook is once more back around a key inflection point. The support of $1.2950 helped to bolster $1.2900 as a key low, but if the RSI starts to pull below 40 along with MACD lines under neutral, these supports are likely to be seriously tested. The hourly chart shows an edge of bearishness forming now. Turning lower from $1.3115 the market is back decisively below $1.3000 and shaping to test $1.2950 again this morning. A closing breach would open $1.2900. Hourly chart indicators are now in deterioration with an increasingly corrective outlook now taking hold as initial resistance is at $1.3010 develops.
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