GBP/USD Outlook: Cable Came Under Pressure
FinFX | Nov 26, 2013 04:49AM ET
GBP/USD
Cable’s near-term price action came under pressure after strong rally stalled on approach to critical barriers at 1.6254/59 and subsequent pullback to 1.6132 retraced 61.8% of 1.6071/1.6239 upleg. Formation of bearish reversal pattern increases downside risk, with extension and close below 1.61 handle,required to confirm. Hourly studies are negative, while larger picture remain bullish that keeps the upside targets in near-term focus with regain of psychological 1.62 barrier seen as a signal for renewed attempt higher. Otherwise, slide below 1.61 and more significant 1.6071, 21/11 higher low / daily cloud top, would shift near-term focus lower and confirm further range trading.
Resistance: 1.6185; 1.6200; 1.6215; 1.6239
Support: 1.6144; 1.6132; 1.6107; 1.6071
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