Cable - 1.4250, Fibo 38.2%, offers temporary support; downside pressure persists

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBPUSD Cable consolidates above session low at 1.4250, hit on disappointing UK inflation data, which did not show stronger impact on the pair. Dip was contained by Fibo 38.2% of 1.3834/1.4512 recovery, with recovery attempts so far unable to clear initial barrier at 1.4313 (Fibo 23.6% of 1.4512/1.4251 downleg, reinforced by 10SMA), which guards strong resistance zone at 1.4350/60 (Fibo 38.2% / hourly consolidation floor). Daily technicals show more room at the downside and maintain pressure,

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