GBPUSD- bears probe through 1.3920 base, eye 100SMA support
Cable stands at the back foot on Thursday and pressures temporary base at 1.3920, where recent strong fall from 1.4376 peak found footstep.
Narrow consolidation in past few sessions remained capped under pivotal 1.40 barrier (psychological resistance, reinforced by 55SMA), while today’s recovery attempts were capped by daily cloud top (1.3950), keeping overall bears intact and risking further weakness.
Weakening momentum studies and formation of double bear-cross (10/20 & 10/30SMA) maintains pressure for break through 1.3920 base and cloud base at 1.3901, to signal extension of steep downtrend towards next strong supports at 1.3868/64 (Fibo 76.4% of 1.3711/1.4376 / rising 100SMA).
Res: 1.3950; 1.3965; 1.4000; 1.4043
Sup: 1.3901; 1.3868; 1.3854; 1.3780