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28/05 Cable continues to fall ahead of U.K Second Estimate GDP q/q

28/05 Cable continues to fall ahead of U.K Second Estimate GDP q/q

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

Cable continues to fall ahead of U.K Second Estimate GDP q/q. Candle on the daily chart yesterday closed at 1.5351 after touching Fibonacci Retracement 38.2% at 1.5336, forming a spinning top signalling a possible reversal to the current bearish run. Candles are likely to rebound soon but with the release of U.K Second Estimate GDP q/q later in the day may provide additional pressure on the pair pushing prices even lower.

 

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

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Observing the H4 chart, candles continue to lie just above the lower trend channel but have yet to show any clear indication of a rebound yet. Previous support at 1.5372 could possibly turn into a resistance for the pair in which traders should pay attention to during the news release later in the day. Should the pair continue on the bearish run, candles are expected to exhaust at Fibonacci Expansion 161.8% at 1.5217 but 141.4% at 1.5292 could still possibly pose as an exhaustion level.

 

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

Observing the hourly chart, candles have started to show uncertainty in the market with the formation of candles with long shadows yesterday. Traders should pay close attention to the release of U.K Second Estimate GDP q/q where should data released perform worse than expectations, we could possibly see a continuation of the bearish of the pair towards 1.5217 by the end of this week.

 

Trend Direction
 S3
S2
S1
R1
R2
 
 
Bearish 1.5189 1.5217 1.5292 1.5445 1.5585

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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