The cable posted a 1.8% loss in the previous week, the biggest weekly drop in 4 months. The cable lost 50Wsma and close below 20Wsma as well.
The UK’s GDP unable to help the pound, but end the end of the day the parallel support helped the price cut the losses.
On Friday’s session, the cable fell below 200Dsma, by the end of the day managed to close above that. We been advising the bulls last hope remains at 1.5330, low made at 1.5335. The cable fell below the 3-month ascending trend line and closed below that.
The nearest resistance seems at 1.5445, 1.5460 and 1.5475. Support finds at 1.5400, 1.5370 and 1.5330
Selling open below 1.5400 targets at 1.5370 and 1.5330. Selling accelerates below 1.5330 towards 1.5300, 1.5250 and even 1.5220. In the least case 1.5170 possible.