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GBP/USD Outlook: Cable Came Under Pressure

Published 11/26/2013, 04:49 AM
Updated 02/21/2017, 08:25 AM

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

<span class=GBP/USD Hour Chart" title="GBP/USD Hour Chart" height="400" width="800">

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