Cable’s outlook remains in the bearish camp for the time being, with strong support in the 1.2085/90 band.
“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”.
- R3 1.2286
- R2 1.2238
- R1 1.2203
- PP 1.2155
- S1 1.2121
- S2 1.2073
- S3 1.2038