Cable slips to lowest levels since December

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD touches a low of 1.3417 on the day


The dollar is not showing much mercy as we begin the week, with the greenback now extending gains against the sterling, euro, and yen as we get the session going. It's a bit of a lighter trading day in Europe as some major markets are closed, but so far that's not stopping the general theme from the past one month.


We're now at a crucial level in cable, with sellers eyeing a daily close below the 50.0 retracement level @ 1.3429 on the daily chart. That will justify a further downside move following the fresh bearish bias in the pair over the past week, having firmly breaking below the 200-day MA (blue line).

The next support levels below the 50.0 retracement level will be from daily closes around 1.3250.

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