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Cable (GBPUSD) prices remain under pressure from month-end USD flow, minor gains for the day is observed though, approaching the previous 1.2660 August reaction lows.
A number of indicators are suggesting prices are getting stretched down at these levels, and ahead of the BoE tomorrow. As such, we a biased for the downside to be limited before a rebound back towards 1.2850, with a break through there suggesting the range lows have held.
Technically, the pair has formed double top with, top 1 at 1.3266, top 2 at 1.3146 and neckline at 1.2921 levels.
Bearish pattern candles with big real bodies pop after breach below neckline of double top, current price below 7DMAs, more dips on cards upon intensified bearish momentum.
1.2950-1.3050 is the next notable resistance above. Below 1.2660 support lies at around 1.2595 and then the 1.2500 region.
On a broader perspective, it has plummeted more than 1.2852 (i.e. 61.8% Fibonacci retracements levels).
Well, these slumps below EMAs are observed especially after the formation of shooting star at 1.3755 levels, hammer attempts to counter, but both leading & lagging indicators in tandem with selling sentiments, more dips likely on bearish EMA crossover.
Trade tips:
On daily trading grounds, at spot reference: 1.2739 levels, we advocate using boundary binary strategy, using upper strikes at 1.2792 and lower strikes at 1.2698 levels. The strategy is likely to fetch leveraged yields as long as the underlying price remains between above strikes on the expiration.
Alternatively, one can initiate shorts in futures contracts of mid-month tenors with a view to arresting further downside risks. Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.
Currency Strength Index: FxWirePro's hourly GBP is inching at -17 (which is mildly bearish), USD spot index is flashing at 10 levels (which is neutral), while articulating (at 11:04 GMT).
For more details on the index, please refer below weblink:http://www.fxwirepro.com/currencyindex
