GBP/USD still bearish, supported at 1.2085/90 – UOB

Pablo Piovano FXStreet

Cable’s outlook remains in the bearish camp for the time being, with strong support in the 1.2085/90 band.

Key Quotes

“We turned bearish GBP yesterday but highlighted the less than favourable reward to risk ratio as the October’s low of 1.2085/90 is expected to offer solid support”.

“GBP dipped initially but rebounded quickly after hitting a low of 1.2107”.

“From here, as long as 1.2290 is intact, another attempt to move towards 1.2085/90 still seems likely. On a shorter-term note, 1.2250 is already a strong resistance”.

1. R3 1.2286
2. R2 1.2238
3. R1 1.2203
PP 1.2155
1. S1 1.2121
2. S2 1.2073
3. S3 1.2038

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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