Slobodan Drvenica
Windsor Brokers
GBP/USD
Fresh leg lower extends into third straight day, with increasing downside risk seen after break of pivotal supports at 1.2170/22 (trendline support / Oct 13 former higher low).
Close below 1.2122 to confirm signal and expose targets and key near-term supports at 1.2037/00 Oct 4 new multi-month low / psychological).
Daily chart studies are bearish, as south-heading 14-d momentum is going deeper into negative territory and moving averages remain in bearish setup, adding to weakening near-term structure, though bears may face headwinds from oversold conditions.
Upticks should be capped under broken bull trendline to keep bears in play and offer better selling opportunities.
Res: 1.2145; 1.2169; 1.2203; 1.2260.
Sup: 1.2074; 1.2037; 1.2000; 1.1915.
Interested in GBP/USD technicals? Check out the key levels
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