Slobodan Drvenica
Windsor Brokers
Cable came under pressure in early hours of European session and broke below pivotal supports at 1.3401 (10 SMA) and 1.3374 (20SMA), weakening near-term structure.
Fresh bearish acceleration at the beginning of American session approached key support at 1.3303 (12 Dec low/30SMA/daily Kijun-sen) and shifted near-term bias lower.
Fresh bears are on track to fully retrace 1.3302/1.3464 recovery phase and signal continuation of bear-leg from 1.3549 (01 Dec high).
Firm break below 1.3302 handle is expected to undermine larger bulls from 1.3038 and generate stronger bearish signal for extension towards 1.3253 (55SMA/daily cloud top) and 1.3233 (Fibo 61.8% of 1.3038/1.3549 ascend). Broken 20/10 SMA's now act as resistances and should keep the upside protected.
The pair is also on track for the second straight bearish weekly close which supports negative scenario.
Res: 1.3374; 1.3415; 1.3447; 1.3464
Sup: 1.3303; 1.3253; 1.3233; 1.3196
Interested in GBPUSD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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