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Wednesday’s GBP/USD Outlook

Wednesday’s GBP/USD Outlook

Cable continues to trend lower and retraced 76.4% of post Fed 1.5883/1.6161 rally, on extension to 1.5950, so far, where 55-DMA contained dips . Negatively aligned near-term studies favor further corrective action and risk retest of strong 1.5900/1.5883 support area, higher platform/Fibonacci 38.2% of 1.5427/1.6161, violation of which would signal stronger reversal and mark near-term top at 1.6161. Daily RSI, emerging of overbought territory, supports the notion, while only regain of lower platform at 1.6070 would ease immediate bear pressure and refocus 1.6100 and 1.6161 barriers.

  • Res: 1.6000; 1.6019; 1.6070; 1.6100
  • Sup: 1.5950; 1.5900; 1.5883; 1.5831

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