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- GBP/USD: Break below 1.1920 could fuel more downward pressure – OCBC
GBP/USD: Break below 1.1920 could fuel more downward pressure – OCBC
GBP/USD suffered heavy losses and closed below 1.2000 on Thursday. A break under the 1.1920 mark could trigger another leg lower, economists at OCBC Bank report.
Descending triangle?
“Daily momentum and RSI indicators are not showing a clear bias. But on the weekly chart, bullish momentum is fading fast while RSI fell.”
“A potential descending triangle could be forming with support at 1.1920 levels (200-DMA, triangle support). A decisive break to the downside could fuel more downward pressure. Next support at 1.1840, 1.1720 levels.”
“Resistance at 1.2045 (21-DMA), 1.2140 (50-DMA).”
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