GBP/USD is in the red close to the 1.3300 mark as Thursday’s 4-hour chart is showing that the cable is nearing critical support at 1.3265 with high odds of a breakdown, FXStreet’s analyst Yohay Elam reports.
Key quotes
“GBP/USD is approaching a critical support line – 1.3265. It was a peak in mid-August and later served as a separator of ranges. Moreover, the 50 Simple Moving Average awaits the cable at that point. Momentum has turned to the downside, raising the chances of a downward break.”
“Below 1.3265, the next noteworthy cushion is at 1.3160, which provided support at last week, followed by 1.3120 and 1.3050.”
“Some resistance awaits at 1.33, a stepping stone on the way up last week, followed by 1.3360, the daily high. The next lines are 1.3420 and 1.3480.”
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