GBPUSD (1H) - short term bearish bias
The pound sterling starts to drift lower again as part of a deeper retracement. The break below the previous support level of 1.3070 has put cable under new pressure. The 20-hour moving average has crossed below the 30-hour one in a typical bearish move. As the RSI dipped into the over-sold area, the price has over-extended to the downside. We could expect a temporary relief as the pair pulls back around the moving averages which will act as resistance. The trend line near 1.2970 will be the next target.
Key support: 1.2970
Key resistance: 1.3120
The pound sterling starts to drift lower again as part of a deeper retracement. The break below the previous support level of 1.3070 has put cable under new pressure. The 20-hour moving average has crossed below the 30-hour one in a typical bearish move. As the RSI dipped into the over-sold area, the price has over-extended to the downside. We could expect a temporary relief as the pair pulls back around the moving averages which will act as resistance. The trend line near 1.2970 will be the next target.
Key support: 1.2970
Key resistance: 1.3120
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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.