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The consolidation pattern was broken on the downside for GBP-USD pair yesterday as it broke the 1.3950 support to plunge to a low of 1.3741. The stochastic is moving close to the oversold region which can bring further downside. Holding below the 1.3950 zone can bring a test of 1.35 (previous low) first and beyond. The overall outlook remains weak for Sterling below 1.4200 (21 Daily EMA).
STRATEGY:
Shorts could be initiated around 1.3950 – 1.4000 levels for 100 – 150 pips.
GBP/USD 10th March
| Support Levels | Resistance Levels | Remarks |
|---|---|---|
| 1.3750 | 1.3950 | Medium term Outlook is Bearish for Cable |
| 1.3650 | 1.4192 |
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Disclaimer: These views/ forecasts/ suggestions, though proffered with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
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