GBP/USD Outlook: Risk Aversion Pushes Cable Below 1.37 Mark

Cable resumes steep descend, which paused after 0.8% drop on Tuesday, and probed below 1.3700 mark on Thursday.

Bears cracked pivotal Fibo support at 1.3668 (76.4% of 1.3571/1.3983), on course to fully retrace the upleg from 1.3571 (July 20 low).

Rising bearish momentum and multiple MA bear crosses on daily chart support the action but bears may face headwinds on approach to the top of thick rising weekly cloud (1.3645) as daily stochastic is oversold.

Upticks should stay under broken 200DMA (1.3783) to keep bears in play and offer better levels to re-enter larger downtrend.

Res: 1.3700; 1.3728; 1.3783; 1.3810.
Sup: 1.3668; 1.3645; 1.3591; 1.3571.

August 20, 2021 at 12:28AM
Windsor Brokers Ltd
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