GBP/USD: Remains vulnerable

The cable on Thursday confirmed a near-term bearish break through a short-term descending trend-channel formation on hourly charts and hence, remains vulnerable, according to FXStreet’s analyst Haresh Menghani.

Key quotes 

“Technical indicators have moved on the verge of breaking into the oversold territory and warrant some caution before placing any aggressive bearish bets.”

“The 1.2500-1.2490 region now seems to act as an immediate support, which if broken should set the stage for a slide further towards the 1.2400 round figure mark with some intermediate support near the 1.2465 region.”

“On the flip side, the 1.2600 round-figure mark, which is closely followed by the mentioned trend-channel support break-point near the 1.2625-30 region, might now keep a lid on the attempted recovery move.”