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GBP/USD: Cable Sellers Have The Upper Hand

ByCarol Harmer
Published 06/27/2013, 02:46 AM
Updated 07/09/2023, 06:32 AM
GBP/USD
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As expected Cable sellers got the upper hand yesterday and swiped away buyers with a flick of their hands. 1.5344 posed no threat and sellers sliced through that support and took us lower to 1.5297. Now we have edged slightly higher overnight, and this has taken the short term stochastics from oversold to just slightly overbought. We would therefore expect the sellers to be waiting in the wings, ready to pounce once again.

Small support is at 1.5330, but the sellers are aggressive and looking to assert themselves once more and if they can break below here they would once more cast buyers aside and drive us lower. Now we have the 200 day M/A at 1.5311 and the overnight low has been at 1.5308, so maybe if buyers can hold onto this support there is a chance that they will hold their breath and take the sellers on for a short term rally. 1.5352/60 is short term resistance as we can see 1.5351 is the Daily pivot, so the sellers may well test the water here. However if the buyers can break this barrier we look for 1.5380/90 as a viable target. Support as stated is at 1.5308 to 1.5290. If sellers break the 1.5290 area we look to the Med term 23.6 Fib level at 1.5198 as a viable target that the sellers will aim for.

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