Cable is looking under pressure from the Daily charts and we are beginning to see a turn in the daily stochastics.. However, short term charts are overextended and therefore we are likely to see a rally off the 50% short term fib located at 1.5570.
We would advise however that any subsequent rally is looking short-lived and 1.5660/85 would be the top and here sellers are likely to come back into the market heavy handed and drive the price lower..
After correction there is a more than good chance that the market will break this 50% Fib at 1.5570 and come lower with 1.5504 the first target. This support is derived from the first med term 23.6 Fib and is likely to hold first attempt. We see this market trading lower overall and any rallies should be sold into.
Below 1.5504 and there should be further selling pressure to 1.5440 initially but the market will have in its sights the 32.8 Med term Fib located at 1.5372.
GBP/USD" title="GBP/USD" width="995" height="617">
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GBP/USD Forecast: Cable Under Pressure
Published 08/22/2013, 12:47 AM
Updated 07/09/2023, 06:32 AM
GBP/USD Forecast: Cable Under Pressure
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