GBPUSD is holding within narrow consolidation above fresh low at 1.2169; downside remains vulnerable as the daily 10SMA continues to cap

Slobodan Drvenica Windsor Brokers

GBP/USD

Cable is holding above 1.2200 handle, after bouncing from fresh low at 1.2169, posted on Friday, but upside action remains limited for now, despite bullish signals from long-tailed daily candles of Fri / Mon.
Strong bearish setup of daily studies maintains downside pressure, with upticks being so far capped under 1.2250 (50% of 2.2330/1.2169 downleg).
Lack of strength to clearly break above daily 10SMA (currently at 1.2234), keeps immediate risk at the downside. Only sustained break above 1.2234/50 barriers would weaken near-term bears and allow for stronger correction of the downleg from 1.2330 recovery top and expose upper triggers at 1.2269 (Fibo 61.8% of 1.2330/1.2169) and 1.2296 (20 Oct high).

Res: 1.2247; 1.2269; 1.2296; 1.2330
Sup: 1.2208; 1.2183; 1.2169; 1.2134

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2247
2. R2 1.2238
3. R1 1.2230
PP 1.2221
1. S1 1.2213
2. S2 1.2204
3. S3 1.2196

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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