FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
The overall outlook stays unchanged - upticks are likely to be met with offers so long as 1.4549 stays as resistance. + horrible UK PMI data - services, manufacturing and construction - has exposed 50-DMA support of 1.4382 levels.

As for US session -

  • Cable's recover from a daily low of 1.4444 amid sharp rise in US weekly initial jobless claims failed at hourly 50-MA resistance.
  • The bearish crossover between hourly 50-MA and 200-MA, followed by a recovery and a failure to take out hourly 50-MA is likely to strengthen the bearish mood surrounding Cable and result in a drop to 1.4413 (38.2% of 1.3835-1.4770).
  • Nevertheless, a break above hourly 50-MA could be utilised by GBP bulls as an opportunity to push prices towards 1.4649 (23.6% of 1.3835-1.4770) levels.

Note - Watch out for a rebound from near 1.4460 levels as that could result in an inverse head and shoulder/triple bottom formation with neckline resistance at
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