The cable’s recent slump of around 1200 pips from the 1.3200 round-figure mark has been along a short-term descending trend-channel formation on GBP/USD short-term charts, according to Haresh Menghani from FXStreet. Key quotes “The set-up indicates a well-established bearish trend and hence, any subsequent recovery beyond the 1.2100 mark is likely to confront stiff resistance, rather remain capped near the top end of the mentioned channel, currently near the 1.2175-80 region.” “A convincing breakthrough might negate prospects for any further downfall and prompt some aggressive near-term short-covering move.” “On the flip side, bearish traders are likely to aim for a sustained weakness below the 1.20 mark before positioning for a slide back towards early September 2019 swing lows, around the 1.1960-55 region.” 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 USD/CAD climbs back to multi-year tops, around mid-1.4200s amid weaker oil prices FX Street 2 years The cable’s recent slump of around 1200 pips from the 1.3200 round-figure mark has been along a short-term descending trend-channel formation on GBP/USD short-term charts, according to Haresh Menghani from FXStreet. Key quotes “The set-up indicates a well-established bearish trend and hence, any subsequent recovery beyond the 1.2100 mark is likely to confront stiff resistance, rather remain capped near the top end of the mentioned channel, currently near the 1.2175-80 region.” “A convincing breakthrough might negate prospects for any further downfall and prompt some aggressive near-term short-covering move.” “On the flip side, bearish traders are likely to aim for a… 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.
