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Todays GBP/USD outlook:
COMMENTS :
Sterling is currently consolidating above 1.3950 levels. Alternatively, it is taking resistance at the 21 Daily EMA (currently at 1.4258 merging with 50% Retracement resistance). The daily stochastic is indicating a downside bias. If Cable breaks out on the downside i.e. below 1.3950, then a deeper pull-back upto 1.35 (previous low) could be witnessed. On the upside immediate resistance is traced at 1.4250 above which is at 1.4425 (38.2% Retracement and falling trend-line). Overall bias remains bearish for Cable.
STRATEGY :
Opportunities to initiate shorts around 1.4250 levels can be considered for a gain of 80 pips. Further shorts can be initiated around 1.44 for 100 pips;
Support Levels
1.3950
1.3503
Resistance Levels
1.4258
1.4425
Remarks
Our Medium Term outlook is bearish for Cable
About the author
India Forex Research Team. India Forex Advisors Pvt Ltd
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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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