Cable extends fall towards 1.2400 as sellers look to seize near-term control

Technical Analysis

Author: Justin Low | gbpusd

The pound is the weakest performing major currency so far today

Cable H1 04-05
Cable is hitting fresh lows on the session, down to 1.2409 as sellers are gathering momentum to chase a break under the 200-hour MA (blue line) @ 1.2430.

Price is starting to move closer to the 1.2400 handle now with the 61.8 retracement level @ 1.2399 and the 29 April low @ 1.23889 helping to add some layers of support.

The pound is keeping weaker across the board as it falls to its low of the day also against the likes of the euro and yen as we look towards North American trading.

For cable, a firm break under the 200-hour MA will see sellers seize near-term control and turn the near-term bias to being more bearish from more neutral previously.

And a further break of the confluence of support levels highlighted above will add more conviction to a chase towards the 21 April low @ 1.2248 next.

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