Karen Jones, Team Head FICC Technical Analysis Research, noted the very near term outlook on Cable stays neutral to negative while below 1.2515. Key Quotes “GBP/USD remains on the defensive while contained by 2 month downtrend at 1.2515 today. This maintains an overall neutral to negative bias very near term and we would allow for a test of the 1.2339 2 month support line (connects the lows). This may again hold as there is a distinct lack of downside momentum”. “Below 1.2366/39 (April 2017 low) we have very little support until the 1.2108, the 78.6% retracement of the entire move up from the 2016 low. What is interesting is that we have a 13 count on the weekly chart, however there remains scope for a further sell off – TD support lies at 1.2184″. “Above the downtrend this would introduce scope to the 55 day ma at 1.2616 and the June high at 1.2784″. 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 GBP/USD technical analysis: Tests long-term falling wedge support amid oversold RSI FX Street 4 years Karen Jones, Team Head FICC Technical Analysis Research, noted the very near term outlook on Cable stays neutral to negative while below 1.2515. Key Quotes "GBP/USD remains on the defensive while contained by 2 month downtrend at 1.2515 today. This maintains an overall neutral to negative bias very near term and we would allow for a test of the 1.2339 2 month support line (connects the lows). This may again hold as there is a distinct lack of downside momentum". "Below 1.2366/39 (April 2017 low) we have very little support until the 1.2108, the 78.6% retracement of the entire move… 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.
