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
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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