GBPUSD – may fall further as greenback regains traction; key support at 1.3457/54

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable remains in red on Thursday and extends weakness off 1.3585 lower top into fourth straight day and hits the lowest level in 2018 at 1.3473, where fresh weakness found footstep, provided by base of thick 4-hr cloud.
Fresh weakness probes again below cracked Fibo support at 1.3493 (Fibo 38.2% of 1.3301/1.3612 upleg), as pound is coming under fresh pressure on fading concerns about China slowing purchases of US bonds.
Close below 1.3493 would be bearish signal, with extension and close below 1.3457 / 54 (daily Kijun-sen / 50% retracement / 20SMA) needed to confirm and signal further easing.
Broken 10SMA (1.3524) is expected to cap and maintain negative near-term bias

Res: 1.3493; 1.3524; 1.3562; 1.3585
Sup: 1.3473; 1.3457; 1.3420; 1.3400

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3639
2. R2 1.3601
3. R1 1.3557
PP 1.3519
1. S1 1.3475
2. S2 1.3438
3. S3 1.3393

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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