GBP/USD – Spikes to be viewed with caution
Support – 1.4413, 1.4371, 1.4330
Resistance – 1.4444, 1.4471, 1.4536
Cable’s bearish break from the sideways range on Friday post US non-farm payrolls data reinforced bears; hence the currency could be met with offers. Failure to take out 1.4444 witnessed on the hourly chart now could trigger a break below 1.4413 (38.2% of 1.3835-1.4770) and open doors for a slide to 100-DMA support of 1.4371.
On the higher side, 1.4444 needs to be breached, preferably on hourly closing basis, if resistance at 1.45-1.4536 is to be put to test.
Support – 1.4413, 1.4371, 1.4330
Resistance – 1.4444, 1.4471, 1.4536
Cable’s bearish break from the sideways range on Friday post US non-farm payrolls data reinforced bears; hence the currency could be met with offers. Failure to take out 1.4444 witnessed on the hourly chart now could trigger a break below 1.4413 (38.2% of 1.3835-1.4770) and open doors for a slide to 100-DMA support of 1.4371.
On the higher side, 1.4444 needs to be breached, preferably on hourly closing basis, if resistance at 1.45-1.4536 is to be put to test.
