GBP/USD – Increased risk of re-test of 23.6% Fibo resistance
The spot currently trades near 1.45 handle.
Cable’s repeated rebound from the zone of 1.4460-1.4440 if followed by a break above hourly 50-MA levels could yield 1.4541 (23.6% of 1.3835-1.4770). Hourly 50-MA seen now at 1.4491 acted as a strong resistance yesterday. Plus, we also had a bearish 50-MA and 200-MA crossover earlier this week. Hence, break above hourly 50-MA would shift intraday bias in favor of the bulls.
On the lower side, 1.4440 needs to be breached in which case fresh offers could take the pair down to 1.44131.4377 levels.
Cable’s repeated rebound from the zone of 1.4460-1.4440 if followed by a break above hourly 50-MA levels could yield 1.4541 (23.6% of 1.3835-1.4770). Hourly 50-MA seen now at 1.4491 acted as a strong resistance yesterday. Plus, we also had a bearish 50-MA and 200-MA crossover earlier this week. Hence, break above hourly 50-MA would shift intraday bias in favor of the bulls.
On the lower side, 1.4440 needs to be breached in which case fresh offers could take the pair down to 1.44131.4377 levels.