Cable falls to session lows as pound gains ease a little

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD falls from 1.3850 levels to 1.3816 in the European morning

GBP/USD H1 11-02
A bit of a nudge lower in cable as buyers back off after testing some swing region resistance around 1.3856 this week. That is now seeing cable test the low from earlier in the day around 1.3821 though the key level to watch remains the 1.3800 handle.

Just below that, further support is seen from the 100-hour moving average (red line) @ 1.3775. Keep above that and the near-term bias in cable stays more bullish.

In the bigger picture though, the upside momentum this week bodes well for buyers in their hunt towards 1.4000 still:

GBP/USD W1 11-02
The break of the key trendline resistance @ 1.3741 opens up a potential path towards the figure level next, at least from a technical perspective.
Invest in yourself. See our forex education hub.

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose