FxWirePro: GBP/USD downtrend loses momentum, but outlook still strongly bearish
The Cable slipped backwards from 1.4338 levels to hit low at 1.4231 in early the Europen session. However, after rebound in oil prices in the US session the pair recovered losses back in quick succession to trade at 1.43…
The Cable slipped backwards from 1.4338 levels to hit low at 1.4231 in early the Europen session. However, after rebound in oil prices in the US session the pair recovered losses back in quick succession to trade at 1.4333 levels.
Currently the pair is trading around 1.4328 levels , it is set to decline further towards 1.4200 and later 1.4150 level.
Technically in the 4 hour chart the 55, 30 and 20 MA depicts a clear bearish slope above the current price action, the RSI is indicating towards downside at 39.
To the upside, the strong resistance can be seen at 1.4447, a break above this level would expose the cable to next resistance level at 1.4465 levels.
To the downside strong support can be seen at 1.4309, a break below at this level will open the door towards next level at 1.4221. Recommendation: Go short around 1.4340, targets 1.4260, 1.4180, SL 1.4470
