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Given this week’s break below a short-term descending trend-channel, the cable’s near-term set-up still seems tilted in favour of bearish traders, according to Haresh Menghani from FXStreet.

Key quotes

“Any subsequent recovery in the GBP/USD pair might still be seen as a selling opportunity and remain capped.”

“The overnight swing high, around the 1.1700 round-figure mark, now seems to act as immediate resistance.”

“Some follow-through buying has the potential to assist the pair to aim back towards reclaiming the 1.1800 level.”

“Immediate support is pegged near the 1.1600 mark, below which bears are likely to aim back towards challenging the key 1.1500 psychological mark.”