GBPUSD - downside remains at risk, as recovery attempts fade

Slobodan Drvenica Windsor Brokers

GBPUSD

Yesterday’s daily candle with long upper shadow confirms persisting downside pressure, as fresh easing today signals recovery attempts fading. Daily Tenkan-sen & Kijun-sen lines are turning south after brief sideways mode, reinforcing overall bearish structure, as the price holds below 1.2200 handle and fresh weakness cracked support at 1.2142 (Fibo 76.4% of 1.2087/1.2323 recovery) the last hurdle on the way to 1.2087 (low of Tuesday’s strong bearish acceleration).
Selling upticks remains favored near-term scenario, with Wednesday’s high at 1.2323, marking solid barrier.
Only sustained break above 1.2400 (Fibo 38.2 of 1.3055/1.1997 downleg) would sideline immediate downside risk and signal stronger recovery action.

Res: 1.2212; 1.2255; 1.2323; 1.2370
Sup: 1.2131; 1.2102; 1.2087; 1.1997

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2543
2. R2 1.2435
3. R1 1.2321
PP 1.2213
1. S1 1.2099
2. S2 1.1991
3. S3 1.1877

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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