MFXSCharts
Short

Cable respecting former channel support

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
So turns out we were a little conservative when we called for the 1.618 extension at 1.2385 last week ... Pair fell around 6% on Friday depending on your broker, Reuters had the low some 500 pips lower in the 1.14 region - that's a 10% decline. Regardless, pair quickly recovered to the 1.24 - 1.25 zone, consolidating below the underside of a broken channel. Pair continues to respect this line and bears are attempting a push lower Tuesday, currently testing the interim support zone between 1.220 and 1.2320. A break below there would target the the psychologically important 1.2 level, while a reversal back inside the descending channel would target channel/zone resistance confluence between 1.2420 and 1.25. Breach of there would invalidate on the lower time frames, but pair remains bearish on the higher time frames below 1.29 and expect plenty of selling interest on any strength.
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out