GBP/USD: Bears Taking a Breather ahead of Attack at 2020 Low

Technical analysis of Forex market

Cable is consolidating above new multi-month low, posted on Thursday after a brief probe below 1.15 handle, following an uninterrupted bear-run in past five days.

The pair is also on track for the third consecutive weekly loss, with risk aversion and strong dollar, keeping the pound in strong defensive mode.

Consolidation or brief bounce on oversold daily studies and fading bearish momentum could be expected in the near-term, with upticks to stay below falling 10DMA (1.1703) and keep bears intact for final push towards key support at 1.1410 (2020 low).

Res: 1.1569; 1.1634; 1.1703; 1.1760.
Sup: 1.1498; 1.1430; 1.1410; 1.1352.

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