GBP/USD - Break below 1.4114 could prove to be fatal
Cable is trading around 1.4110 levels. this is bad news for people expecting a recovery in the pair as a hourly closing below 1.4114 would indicate failure to bullish price-RSI divergence seen on the hourly chart.
In the current scenario, a single hourly candle could result in a 100-pip drop. Hence, a 15-min closing below 1.4114 could be a sign the bullish divergence has failed. In such a case, pair could drop to 1.4079-1032 levels.
On the higher side, an hourly closing above 1.4189 is required to open doors for further recovery in the pair.
In the current scenario, a single hourly candle could result in a 100-pip drop. Hence, a 15-min closing below 1.4114 could be a sign the bullish divergence has failed. In such a case, pair could drop to 1.4079-1032 levels.
On the higher side, an hourly closing above 1.4189 is required to open doors for further recovery in the pair.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.