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GBPUSD holds above 3-month low after recent losses

Cable is consolidating around 1.3204 after a 2% decline over the past two weeks, with broken Fibo support at 1.3266 now acting as resistance.

Reported · Written up by our desk · Major Pairs

Cable, or GBPUSD, is consolidating above a new three-month low near 1.3204 after heavy losses over the past two weeks, down 2%, according to Action Forex.

The outlet attributes the pause to partial profit-taking tied to oversold daily studies, but says recovery attempts have been limited by signals from recent candles, including long upper shadows.

Action Forex highlights that broken Fibo support around 1.3266, near 76.4% of a 1.3140 to 1.3675 move, is now acting as solid resistance, with a potential bull trap if an early recovery is rejected.

In the broader view, the pair is near the bottom of a wider range around 1.3150, and Action Forex says a move below that zone would open the way for a stronger retracement of the 1.2100 to 1.3870 rally.

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