GBP/USD takes offers to refresh intraday low around 1.2125 heading into the Thursday’s London open.
In doing so, the cable pair sellers attack the support line of a three-day-old ascending triangle bearish chart pattern.
Also keeping the GBP/USD bears hopeful is the pair’s inability to cross the 100-HMA, as well as the bear cross between the MACD line and the Signal line.
That said, the quote’s clear break of the 1.2120 support could re-direct it towards the yearly low of 1.1933, marked on Tuesday.
However, 1.2040 and the 1.2000 psychological magnet may offer intermediate halts during the anticipated downturn.
Meanwhile, recovery moves may initially fade around the 100-HMA level of 1.2180, a break of which could challenge the aforementioned bearish triangle formation by poking the horizontal resistance line around 1.2210.
In a case where the GBP/USD prices rally beyond 1.2210, the 200-HMA level near 1.2355 might lure the pair buyers. Though, the 50% Fibonacci retracement of the June 07-14 downturn, near 1.2270, as well as the 1.2300 round figure, may act as buffers.
Trend: Further weakness expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.