Cable drops below the 1.29 level as dollar keeps firm on softer risk mood

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD touches a session low of 1.2887

GBP/USD H1 24-02
A bit of a quick drop in cable over the past 15 minutes sees price fall back below 1.2900. There is key daily support around 1.2872 with last week's low at 1.2849 also one to watch as the downside momentum starts to resume.

The rebound on Friday last week fell short as gains were capped by the 200-hour MA (blue line) and sellers kept the retracement going as they defended the 100-hour MA (red line) since Asia Pacific trading today.

Overall, the dollar is keeping firm but just also keep an eye out for EUR/GBP when viewing the pound. The pair is continuing its bounce above 0.8300 and is approaching 0.8400 currently, with supportive month-end flows also something to be wary about this week.

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