Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable fell further at the beginning of the week, after larger bears paused for consolidation on Friday.
Current bets show 60% chance of BoE rate cut at Thursday’s policy meeting, which continues to weigh on sterling.
Technical picture on daily chart weakened further after Monday’s acceleration broke below 1.2830 pivot (50% retracement of 1.2615/1.3044 / daily Kijun-sen) with daily close below here to confirm fresh negative signal.
Targets at 1.2779 (Fibo 61.8%) and 1.2741 (daily Ichimoku cloud top) are now in focus, with south-heading daily indicators showing further space for extension lower, though limited correction to be anticipated in coming sessions as stochastic is deeply oversold.
Upticks should be capped under 1.2850/70 barriers, to offer better selling opportunities.
Res: 1.2830; 1.2880; 1.2910; 1.2943.
Sup: 1.2800; 1.2779; 1.2741; 1.2716.
Interested in GBP/USD 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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