The GBP/USD pair had some good two-way price swings on Monday and finally settled nearly unchanged for the day, forming a Doji candlestick pattern on the daily chart, as FXStreet’s analyst Haresh Menghani notes. Key quotes “The cable’s inability to register any meaningful recovery further suggests that the near-term selling pressure might still be far from being over.” “A convincing break through the 1.2200 mark will add credence to the bearish outlook and set the stage for additional declines towards the 1.2140-30 horizontal support. The downward momentum could further get extended towards testing sub-1.2100 levels before the pair eventually falls towards challenging the 1.20 mark.” “On the flip side, any attempted recovery now seems to confront some fresh supply near the 1.2300 round-figure mark, above which the positive move could get extended towards the 1.2350-60 supply zone.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold slides to $1485 region, closer to over 1-month lows set on Monday FX Street 2 years The GBP/USD pair had some good two-way price swings on Monday and finally settled nearly unchanged for the day, forming a Doji candlestick pattern on the daily chart, as FXStreet’s analyst Haresh Menghani notes. Key quotes “The cable's inability to register any meaningful recovery further suggests that the near-term selling pressure might still be far from being over.” “A convincing break through the 1.2200 mark will add credence to the bearish outlook and set the stage for additional declines towards the 1.2140-30 horizontal support. The downward momentum could further get extended towards testing sub-1.2100 levels before the pair eventually falls… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
