GBPUSD cracks 1.3000 support after UK GDP

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable is in defensive on Wednesday after previous day’s strong upside rejection under 1.3100 barrier, where strong three-day rally stalled.
Tuesday’s Doji candle with long upper wick was negative signal with the pair coming under additional pressure after UK GDP data matched expectations.
Fresh weakness cracked 1.3000 support (also bull-trendline connecting 1.2811 and 1.2932 lows) and near 1.2990 (Fibo 61.8% of 1.2932/1.3083 upleg) which mark strong support zone, break of which would trigger further easing.
Near-term studies are turning into bearish setup and see risk of fresh downside.
Below 1.3000/1.2990, next pivot lies at 1.2968 (4-hr cloud base) loss of which would expose key near-term support at 1.2932 (20 July trough).
Conversely, regain of pivotal barrier at 1.3051 (Fibo 61.8% of 1.3125/1.2932) would sideline downside risk and shift near-term focus higher.

Res: 1.3042; 1.3051; 1.3083; 1.3100
Sup: 1.2990; 1.2968; 1.2932; 1.2896

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3150
2. R2 1.3118
3. R1 1.3072
PP 1.3040
1. S1 1.2994
2. S2 1.2962
3. S3 1.2917

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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