Key Fundamentals: BoE’s Carney could not convince the markets for the further rate hikes. Markets need to see very strong macroeconomic data flow on the UK side. Even the negative US Job data could not stop DXY bullish run.
You can read our latest DXY analysis: DXY Overview
Weekly Chart: Strongly Bearish. Cable is below all main Moving Averages. Testing the Murrey Math Lines 1/8 a 1.29400.
Daily Chart: Strongly Bearish. MM Pivo4 at 1.29400. RSI has more rooms downside.
H4 Chart: Bullish Butterfly did not work. GBPUSD made 60 pips of retracement at 1.29700 and reversed at Fibo 38.2% of CD leg.
We expect the price to test 1.28500 support after the breakout of 1.29400. A minor retracement may happen at 1.28500. Break below 1.28500 will carry the price towards 1.26500.