GBP/USD – weak below 23.6% Fibo

FX:GBPUSD   British Pound / U.S. Dollar
Support – 1.4470-1.4460, 1.4436, 1.4387 (100-DMA)

Resistance – 1.4514, 1.4548 – 1.4557 (hourly 200-MA), 1.46

  • Cable was on the front foot in early Europe but fell well short of anticipated level of 1.46. The bird clocked a high of 1.4571 before retreating below hourly 200-MA.
  • The sell-off gathered pace as expected after the pair breached support at 1.4514 and thus fell to a low of 1.4470 before recovering to 1.45 levels.
  • Hourly chart still shows and oversold RSI , which means the possibility of a recovery exists. However, intraday bias turns bullish once pair recovers above 1.4548 (23.6% of 1.3835-1.4770).
  • Till then offers are anticipated with increased risks of pair falling to 1.4440-1.4430 levels.
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