The cable´s overnight break below a short-term descending trend-channel confirmed a near-term bearish breakdown, as FXStreet’s Haresh Menghani notes. Key quotes “GBP/USD’s inability to build on the overnight rebound adds credence to the negative outlook. However, extremely oversold conditions warrant some caution before positioning for any further depreciating move.” “Any meaningful recovery back above the 1.1600 mark might now confront some fresh supply near the 1.1630 region and seems more likely to remain capped near the resistance at the 1.1700 round-figure mark.” “On the flip side, the 1.1500-1.1490 region now seems to act as immediate support, which if broken decisively, should open the room for a further near-term downside for the major.” 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 Oil: WTI could go down into the teens – TDS FX Street 2 years The cable´s overnight break below a short-term descending trend-channel confirmed a near-term bearish breakdown, as FXStreet’s Haresh Menghani notes. Key quotes “GBP/USD's inability to build on the overnight rebound adds credence to the negative outlook. However, extremely oversold conditions warrant some caution before positioning for any further depreciating move.” “Any meaningful recovery back above the 1.1600 mark might now confront some fresh supply near the 1.1630 region and seems more likely to remain capped near the resistance at the 1.1700 round-figure mark.” “On the flip side, the 1.1500-1.1490 region now seems to act as immediate support, which if broken decisively,… 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.
