GBPUSD (1H) - short term bearish bias
The cable broke below the triangle consolidation and that kicked off a fresh round of sell-off. The RSI sunk into the over-sold territory but has recovered since, enabling sellers to join the trend at a better price. The long wick on this morning's candle is a sign of strong rejection near the 1.23 resistance. We expect the price action to range for the next few hours before heading south as selling pressures build up again.
Key support: 1.2200
Key resistance: 1.2300
The cable broke below the triangle consolidation and that kicked off a fresh round of sell-off. The RSI sunk into the over-sold territory but has recovered since, enabling sellers to join the trend at a better price. The long wick on this morning's candle is a sign of strong rejection near the 1.23 resistance. We expect the price action to range for the next few hours before heading south as selling pressures build up again.
Key support: 1.2200
Key resistance: 1.2300
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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.