- GBP/USD bounces but not out of the woods yet amid looming Brexit concerns.
- The cable confirms a rising wedge breakdown on the daily chart.
- Eyes deeper losses, as the US dollar clings to recent gains ahead of Fed.
The European Union (EU) officials remain concerned about the Brexit stand-off, this time over Northern Ireland’s (NI) protocol issue, as they warn the UK PM Boris Johnson of the Kingdom’s reputation.
From a near-term technical perspective, the spot confirmed a rising wedge breakdown on Friday after It closed the day below the ascending trendline support at 1.4116.
Therefore, the downside remains exposed towards the 50-Daily Moving Average (DMA), now at 1.4005.
Ahead of that the June 10 low of 1.4073 could test the bearish commitments.
The Relative Strength Index (RSI) has recaptured the midline, although appears to lack follow-through recovery, suggesting a shallow bounce.
GBP/USD daily chart
On the flip side, the bulls need acceptance above the patten support now resistance at 1.4116, in order to extend the recovery momentum.
Further up, the 21-DMA at 1.4155 will likely guard the additional advances.
GBP/USD additional levels to watch
|Today last price||1.4099|
|Today Daily Change||-0.0005|
|Today Daily Change %||-0.04|
|Today daily open||1.4104|
|Previous Daily High||1.4185|
|Previous Daily Low||1.4096|
|Previous Weekly High||1.4191|
|Previous Weekly Low||1.4073|
|Previous Monthly High||1.4234|
|Previous Monthly Low||1.3801|
|Daily Fibonacci 38.2%||1.413|
|Daily Fibonacci 61.8%||1.4151|
|Daily Pivot Point S1||1.4072|
|Daily Pivot Point S2||1.4039|
|Daily Pivot Point S3||1.3982|
|Daily Pivot Point R1||1.4161|
|Daily Pivot Point R2||1.4218|
|Daily Pivot Point R3||1.4251|
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