Cable turns lower to support area and recovers

GBPUSD, H1             

The 1 hour cable chart is capped at 1.2520 with support at the 200 period MA at 1.2485 and the 4 hour overnight low at 1.2468.  Currently the pair is pivoting around 1.2500 and a rally over 1.2520 could see the 1.2532-40 zone the next target. The 1.2520 are looks like a strong resistance area and SHORT positions could be consider from here if a break of the area is not decisive. The 20 period MA is also around the psychological 1.2500 level.  The parabolic SAR is negative,  the short term MACD is negative and the RSI remains neutral to negative at 48.


Click here to access the HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our latest webinar and get analysis and trading ideas combined with better understanding on how markets work.

Click HERE to register the next webinar will start in:

Stuart Cowell

Senior Market Analyst


Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.