GBP/USD came very close to a 1.3000 test last week but fell a bit short. To be sure, the bullish breakout in Cable lacks in size and scope to that of the Euro, but with an oversold US Dollar showing potential for pullback, that highlights the possibility of pullbacks in GBP/USD and EUR/USD, as well.
In Cable, there's a couple of clear spots of support potential, and considerable confluence in the 50'ish pips from 1.2758 up to 1.2811, with the 200-day moving average also plotting within that zone. Perhaps more ideal would be a continued show of strength from buyers, holding above last week's swing-low of 1.2862; but in the event that that low is taken out, it wouldn't necessarily be a game over event for topside continuation scenarios, especially if the confluent zone can bring buyers back into the equation. - js
In Cable, there's a couple of clear spots of support potential, and considerable confluence in the 50'ish pips from 1.2758 up to 1.2811, with the 200-day moving average also plotting within that zone. Perhaps more ideal would be a continued show of strength from buyers, holding above last week's swing-low of 1.2862; but in the event that that low is taken out, it wouldn't necessarily be a game over event for topside continuation scenarios, especially if the confluent zone can bring buyers back into the equation. - js
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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.