GBP/USD Daily Report by CharmerCharts

Cable came lower as expected and we have hit 1.5990 target. Seeing a retracement currently, and we have at the moment held the 23.6 fist short term fib at 1.6033. We look a little overbought on the 60 min charts, so unless we can break and hold above 1.6035 we are going to see downward pressure prevail this morning and we look like visiting 1.5990 once more.

Weekly charts are bearish as iv stated and we do have quite a way to go on the downside...1.5910/05 will be our expected level for today and tomorrow and we have a weekly trendline coming in this week at 1.5830, so we are expecting a lower currency overall..

240 min charts however are oversold and have held the previous lows of 1.5975. If we do see a retracement and it exceeds 1.6035 we look for 1.6090/95 possibly 1.6124 before sellers are back with a vengeance..

SUPPORT
1.5990
1.5975/65
1.5940
1.5905/10
1.5895/90
1.5875
1.5850/45
1.5805/04
1.5783/80
1.5760/55
1.5745/30

RESISTANCE
1.6035
1.6090/95
1.6124
1.6145/50
1.6180
1.6205/12
1.6225/30
1.6268/75
1.6285
1.6300
1.6310/15

SHORT TERM FIB
23.6 1.6033
38.2 1.6062
50  1.6085
61.8  1.6107
76.4  1.6136

MED TERM FIB
23.6  1.6181
38.2  1.6099
50  1.6033
61.8  1.5967
76.4  1.5885

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