Sterling was down slightly on Wednesday as it failed to maintain a bullish momentum since Monday’s breakout. Bulls managed to push the Pound above the bearish trend line, but the rally faltered pretty quickly, and cable has been under pressure ever since. 

The important support now stands near 1.37750, where the broken trend line is located. Should the GBPUSD pair fell below that level, the short-term outlook might change to bearish again. 

The next target for bears could be at March lows near 1.37.

Alternatively, if the bullish sentiment prevails, the resistance is seen at 1.39, where this week’s highs are located and afterward at around the psychological level of 1.40.

If US yields continue to move higher, the greenback might remain supported over the next few days. 

Source: https://www.axiory.com/technical-analysis/gbpusd-retesting-broken-bearish-trendline

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About Author

Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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