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GBP/USD – Bears in control, eyes 23.6% Fibo support

FX:GBPUSD   British Pound/U.S. Dollar
Daily Chart pattern - Rising trend line breached, RSI below 50.00

Support – 1.4333-1.4330, 1.43, 1.4275

Resistance – 1.4374, 1.44, 1.4441-1.4459

  • Cable’s breach of rising trend line on day end closing basis on Friday coupled with break in RSI below 50.00 indicates the bears are in control of the pair.
  • This coupled with failure to sustain above 1.4374 means the pair could be heading lower to 1.4330 (23.6% of 1.5930-1.3835). A violation there would expose 1.43 handle.
  • On the higher side, a clear break above 1.44 (rising trend line hurdle) is essential to weaken bulls and open doors for a test of resistance at 1.4441-1.4459.
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