The pullback towards 1.3500 has given way to a corrective bounce from 1.3520~, whilst oversold intraday momentum studies unwind.
GBPUSD is trading around 1.3600, but falling daily stochastics and the bearish Tension Indicator are expected to cap any break to below the 1.3675 Fibonacci retracement.
Following corrective trade, downside levels are expected to attract, with a later close below 1.3500 adding fresh weight to sentiment and opening up the 1.3450 weekly low of 11 January.
GBPUSD is trading around 1.3600, but falling daily stochastics and the bearish Tension Indicator are expected to cap any break to below the 1.3675 Fibonacci retracement.Following corrective trade, downside levels are expected to attract, with a later close below 1.3500 adding fresh weight to sentiment and opening up the 1.3450 weekly low of 11 January.
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We are an award winning independent research firm, covering Macroeconomics, Policy and Financial Markets. Our Technical Analysis coverage spans 40 FX pairs across developed and emerging markets. Register for a free trial at continuumeconomics.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.