12 September GBP/USD technical analysis


GBP, GBP/USD, GBP, GBP Technical analysis, Cable, Pound Sterling, British Pound. USD, September technical analysis On daily chart, cable has eased off its drop and looks to cover the price gap at 1.6300. Support at 161.8% of the Fibonacci Extension at 1.6236 is likely to see GBPUSD challenge 1.6300-1.6330 before returning to the bearish trend.

On H4GBP, GBP/USD, GBP, GBP Technical analysis, Cable, Pound Sterling, British Pound. USD, September technical analysis chart, after the bullish rebound off 1.6057, Pound looks to consolidate above the support of 1.6236 with the Stochastic Oscillator pulling into the overbought regions. No clear direction on the path of Cable just yet on the H4 charts, but a strong lower breakthrough of the 55 moving average in blue could just be the trigger for more sellers to enter the market to retain 1.606.

GBP, GBP/USD, GBP, GBP Technical analysis, Cable, Pound Sterling, British Pound. USD, September technical analysis

On H1 chart, cable support at 1.6057 was seen contested three times this week so far and the current market movement looks to retest the 200 moving average. Traders may consider waiting for the market gap to close and short closer to 1.633 alongside the Fibonacci Extension levels. Traditional MACD looks to have moved into the bullish territory but looks more like an exit of bullish trend signaled.

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