GBPUSD holds firm below broken Tenkan-sen; focus is shifted lower ahead of US data

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable extended weakness on Thursday, following break below overnight’s 1.2147/1.2186 consolidation that dipped to 1.2123 so far. Thursday’s upside rejection at 1.2269 and subsequent strong fall that closed below 1.2200 (daily Tenkan-sen line), weakened near-term structure. Immediate supports at 1.2087/81 are coming under pressure and break here would open key supports at 1.2000 zone.
Daily studies returned to firm bearish setup and maintain downside pressure, as the pair is on track for weekly close in red and strong monthly bearish close.
US data are eyed with bearish scenario expected, according to forecasted number. Conversely, downside GDP surprise would boost the pound, with lift above 1.2200 barrier to provide near-term relief, but firm break above 1.2330 recovery peak needed to neutralize downside threats.

Res: 1.2186; 1.2200; 1.2269; 1.2300
Sup: 1.2100; 1.2087; 1.2081; 1.1997

GBPUSD technicals? Check out the key levels

1. R3 1.2367
2. R2 1.2320
3. R1 1.2241
PP 1.2194
1. S1 1.2115
2. S2 1.2068
3. S3 1.1989

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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