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GBP/USD Outlook: Cable Entered Near-Term Corrective Phase

GBP/USD Outlook: Cable Entered Near-Term Corrective Phase

GBP/USD

The Cable entered a near-term corrective phase as pullback from fresh high at 1.6161, reached to 1.6020, and where 55DMA and 50% retracement of 1.5890/1.6161 rally contained dips. Studies on 4-hour chart maintain a positive tone and supports further gains, while the hourly structure weakened. Ideally, a reversal should occur at/above 1.6000 support in order to keep immediate bulls in play and prevent further easing towards 1.5950 and 1.5890 higher platform. A loss of which would sideline bulls. Targets at 1.6300 and 1.6380, however, remain in near-term focus. Resistance: 1.6100; 1.6140; 1.6161; 1.6200

Support: 1.6020; 1.6000; 1.5950; 1.5890

GBP/USD” title=”GBP/USD” src=”https://d1-invdn-com.akamaized.net/content/picc62f61bcdb1c30805d3c74ba128053c6.png” height=”400″ width=”800″ />

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