GBP/USD Technical Outlook Turning Bearish Again, Big Level Below to Watch
GBP/USD Technical Highlights:
- GBP/USD rolling over within context of downtrend
- Keep an eye on how things play out should we see recent lows
Cable is rolling over from a resistance area within the context of a downtrend, making it likely we see further weakness in the near-term. As long as we don’t see a closing daily candle above 13673, then the outlook will remain bearish.
The area around 13500 is a big one in the long-term, so should cable roll lower into the 13400s we will want to see how price action behaves. On a weekly basis a couple of weeks back we saw price drop below the big 13500 level but then close back above. A weekly close below 13500 and the recent lows could send cable much lower, while a rejection from that area may help solidify a low for now.
For the full details, check out the video above.
GBP/USD Daily Chart
GBP/USD Weekly Chart
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.