Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable continues to trend lower, riding on the wave of so-called Trump trades, as dollar rose significantly on post-election euphoria.
Steep bear leg extends into fifth consecutive day and hit new multi-week low, coming close to target at 1.2664 (Aug 8 low) guarding 1.2612 (June 27 low) on renewed probe through 1.2700 support, after bears cracked this level on Wednesday but failed to register close below it.
Oversold conditions so far do not impact bears, but some price adjustment should be expected in coming sessions.
Broken Fibo support at 1.2732 reverted to initial resistance, with 200DMA (1.2818) to cap upticks and keep larger bearish structure intact for fresh push lower.
Res: 1.2700; 1.2782; 1.2818; 1.2836.
Sup: 1.2664; 1.2612; 1.2599; 1.2567.
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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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