February 3, 2023

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Cable falls through the March/April double bottom as the slide continues

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GBP/USD back on the defensive

GBP/USD back on the defensive

Risk trades have held steady for the past few hours but the FX market is showing new signs of strain with selling in AUD, NZD and GBP hitting in the past few minutes.

In GBP/USD, the selling has cut through a key technical line — the March/April double bottom at 1.3670.

The drop helps to confirm a double top at 1.4245. If so — I’d like to see a weekly close and a fall below 1.3560 to be sure — the measured target of that move is near 1.3100.

I hate to even talk about a fall that much further but the technicals have been right for the pst month and it’s not time to bet against them.

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