GBP/USD Outlook: Cable Extends Pullback On Comments From Johnson/Fed, BoE Carney’s Speech In Focus

Technical analysis of Forex market

Cable extends pullback on Wednesday after double rejection at key Fibo barrier at 1.2763 (38.2% of 1.3179/1.2505), probing through lower pivots at 1.2677 (Fibo 38.2% of 1.2505/1.2783 upleg/30SMA) and 1.2667 (20SMA).

Fresh bears are inflated by comments from PM candidate Johnson on 31 Oct exit, with or without deal and softer tone from Fed officials regarding rate cut that boosted dollar.

Technical studies also support pullback as daily momentum broke into negative territory and stochastic heads south after reversing from overbought zone.

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Close below 1.2677 pivot is needed to confirm reversal and signal further easing towards 1.2611 (Fibo 61.8% of 1.2505/1.2783).

Traders focus on UK inflation report and speech from BoE Governor Carney that would provide fresh signals.

Res: 1.2696, 1.2708, 1.2763, 1.2783
Sup: 1.2653, 1.2611, 1.2571, 1.2542

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