GBP/USD with another possible leg lower

GBP/USD with another possible leg lower

GBP/USD was one of the major losers during last week, following BoE’s decision to keep rates unchanged and positive NFP data in the United States. Currently, the pair is forming a lower low pattern below the 1.3058 level and it’s awaiting to duplicate a cycle started since August 3rd, towards the 1.3010 level, at which is located the Fibonacci zone of 100%.

That’s why our preferred scenario is calling for another leg lower, but above 1.2974, Cable might start to correct the downside and such rebound could be limited in a first degree by the resistance area of 1.3123. RSI indicator is still at the oversold territory.



Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.


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