Mega Thursday's GBPUSD pivotal at 1.3835-1.3800
Established an important top between 1.3980 (Jan 30 low) and 1.4070 it’s 14MA.
In the near-term, it has a meaningful support at Jan 06 low, we believe 1.3835 is the key for the deeper correction.
The 38.2 fib reaction (1.3026-1.4344 rally) finds at 1.3835 and the 50.0% fib reaction (1.3300-1.4344 rally) finds at 1.3825.
If we draw a line under the recent correction, between 1.3835-1.3800 the cable has a meaningful support fails to hold, targets at the 61.8 fib reaction (1.3300-1.4344 rally) 1.3700 and 1.3660 it’s 50MA coincides with Sep 20, 2017, high seems at 1.3655.
Alternatively a solid daily close above 1.4080 targets at 1.4150. Selling pressure looms between 1.3980/1.4000-1.4080
In the medium-term forecast, meaningful support finds between 1.3550-1.3450. The daily RSI and oscillator favor bearish.
In the near-term, it has a meaningful support at Jan 06 low, we believe 1.3835 is the key for the deeper correction.
The 38.2 fib reaction (1.3026-1.4344 rally) finds at 1.3835 and the 50.0% fib reaction (1.3300-1.4344 rally) finds at 1.3825.
If we draw a line under the recent correction, between 1.3835-1.3800 the cable has a meaningful support fails to hold, targets at the 61.8 fib reaction (1.3300-1.4344 rally) 1.3700 and 1.3660 it’s 50MA coincides with Sep 20, 2017, high seems at 1.3655.
Alternatively a solid daily close above 1.4080 targets at 1.4150. Selling pressure looms between 1.3980/1.4000-1.4080
In the medium-term forecast, meaningful support finds between 1.3550-1.3450. The daily RSI and oscillator favor bearish.