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GBP/USD - Bears eye daily 50-MA support

FX:GBPUSD   Pound Sterling/U.S. Dollar
Resistance - 1.4584, 1.4660, 1.47

Support - 1.4427, 1.4355, 1.43

  • As pointed out in previous day's morning newsletter, Cable struggled to take out larger falling trend line resistance and ended the day 1.45 levels. The failure to take out trend line resistance happened despite upbeat manufacturing data and absence of fresh Brexit polls.
  • The daily RSI has breached the rising trend line as well and is now pointing to weakness in the pair.
  • Hence, Cable could slide to 1.4450-1.4427 (daily 50-MA). A violation there would expose daily 100-MA level of 1.4353. (another trend line support stands at 1.4355).
  • On the higher side, a clear day end closing above falling trend line would provide a window of opportunity for bulls, although as discussed in earlier GBP/USD             posts, a week closing above falling trend line is what is needed to convince bulls regarding further upside in the pair.
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