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GBP: Cable Approaching 1.3000 Amid Deterioration in Risk Sentiment

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  • Weakness for sterling gathering steam, and the pound is closing in on NZD as the weakest performer in G10, currently down 0.6% and notably approaching the psychological 1.30 level once more, not seen since August 20.
  • GBPJPY supply will be assisting the weakness for cable, which extends the bear cycle that started Aug 27. While the move down has been considered technically corrective and allowing a recent overbought condition to unwind, support at the 20-day EMA (1.3075), has been broken, signalling scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2961. Below here, Fibonacci support is found at 1.2895.
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  • Weakness for sterling gathering steam, and the pound is closing in on NZD as the weakest performer in G10, currently down 0.6% and notably approaching the psychological 1.30 level once more, not seen since August 20.
  • GBPJPY supply will be assisting the weakness for cable, which extends the bear cycle that started Aug 27. While the move down has been considered technically corrective and allowing a recent overbought condition to unwind, support at the 20-day EMA (1.3075), has been broken, signalling scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2961. Below here, Fibonacci support is found at 1.2895.