GBP/USD
Cable consolidates fresh gains on Friday, when the price peaked at 1.6223 and corrective pullback being established above 1.6140, consolidative floor. However, downside risk persists, as hourly indicators head south and 4-hour conditions being overextended. This suggests further consolidative / corrective action that may precede eventual push towards near-term target at 1.6259, 01/10 high, with further easing to be ideally contained at 1.6100, Fibonacci 61.8% retracement of 1.5892/1.6223 rally.
Only break below 1.6058, 50% retracement and 55DMA, would neutralize immediate bulls. Daily studies remain positive, as the bull trendline holds, however, Friday’s Doji, suggests hesitation on approach to key near-term barrier at 1.6259.
Resistance: 1.6177; 1.6200; 1.6223; 1.6259
Support: 1.6140; 1.6123; 1.6100; 1.6058
GBP/USD Hour Chart" title="GBP/USD Hour Chart" width="800" height="400" src="https://d1-invdn-com.akamaized.net/content/picb41f54c9201d079986ed4e37cbd7d412.png">