Cable
is seen sharply lower falling in line with the powerful US bulls. The GBP/USD marked
a 3-week low during the European session at 1.2374.
The pair is highly pressured and has lost ground during the last three
sessions. The price has crossed the 50-day moving average to downwards and is moving to
deeper lows. Indicators are well placed within negative territory. RSI is line
with 30 area. Stochastic is showing extreme oversold conditions and is
displaying strong bearish momentum.
Fist support is located at 1.2360 (23th November’s low) and next one is 1.2300
(round number and 18th November’s low). Looking to the upside resistance is
seen at 1.2569 (today’s high) and higher at 1.2620 (5th December’s high). The
short-term outlook remains bearish.
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