GBPUSD – negative near-term bias after rejection above 1.3400
Cable stands at the back foot on Thursday following previous day’s strong upside rejection above 1.3400 handle.
Today’s action was capped by falling 10SMA and fresh easing pressures strong supports at 1.3334 (daily cloud top / rising 30SMA), loss of which would open key near-term support (1.3300 base).
Near-term action is holding in choppy consolidation in past over one week and break of either boundary (1.3300 / 1.3464) is needed to provide stronger direction signal as technical studies are in mixed mode on daily chart, but building up negative momentum keeps near-term focus shifted lower.
However, thinning volumes ahead of Christmas holidays may keep the pair within narrow range.
Res: 1.3378; 1.3395; 1.3420; 1.3447
Sup: 1.3350; 1.3334; 1.3300; 1.3264