GBPUSD-Probes below 3.5-month support to eye equality target
GBPUSD 1.5167 bearish — Probes below 3.5-month support to eye equality target
GBPUSD slumped from the 1.5658 high (September 18, 2015) to probe below the 1.5169/1.5163 3.5-month range support zone (June 1, September 4, 2015 lows). That signals scope for further weakness towards 1.5088 (May 5, 2015 higher low) ahead of the 1.5003 equality target (1.5818-1.5163 from 1.5658).
The 1.5329 area (September 15/16 lows) near the 200 day moving average currently at 1.5332 and the 20 day moving average currently at 1.5341 should cap near-term bounces. However, a concerted push back above the zone would caution bears and prolong the 3.5-month range-bound price action.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral
GBPUSD slumped from the 1.5658 high (September 18, 2015) to probe below the 1.5169/1.5163 3.5-month range support zone (June 1, September 4, 2015 lows). That signals scope for further weakness towards 1.5088 (May 5, 2015 higher low) ahead of the 1.5003 equality target (1.5818-1.5163 from 1.5658).
The 1.5329 area (September 15/16 lows) near the 200 day moving average currently at 1.5332 and the 20 day moving average currently at 1.5341 should cap near-term bounces. However, a concerted push back above the zone would caution bears and prolong the 3.5-month range-bound price action.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral