The British pound is maintaining its weakness below key resistance levels in multiple timeframes. There’s a slight rebound ahead of the weekend on the back of some dollar weakness, but the ceiling levels on cable charts remain strong.
In the daily chart below, you can see cable weakness is obvious with the 1.3500 looking strong as resistance. The icing on the cake is for the pound to touch 1.3145 dollars to complete this bearish set.
In the H6 and H1 charts, the story is not as optimistic for the dollar. Cable closed the week looking like its ranging sideways in the lower timeframes. The pound in the H1 chart even crossed back above it 60MA.
The targeted support and resistance levels are in the latest colored boxes on the respective charts.
Price action would have to cross their respective colored zones to confirm any meaningful change or extension in trend.
As always, all prior support and resistance lines were still respected and will likely continue to be.
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All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.
