Richard Perry
Independent Analyst
GBP/USD
Selling pressure is mounting. After the recent rebound failed around 1.3000, three decisive negative candles have driven Cable below the support at 1.2760. This has opened a test of 1.2650 which are the old highs from Q2 2020. With the increasingly negative configuration on momentum indicators, the market is selling into near term strength. A downtrend of the past three weeks is around 1.2900 so any near term rebound is a chance to sell. The old 1.2760 support is the first line of resistance now. A downside break back under 1.2650 would essentially move the outlook into a new bear phase and the low 1.20s come back into play. The importance of 1.3000 as a medium term resistance is growing.
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