Dip to one-week low (0.8431) after UK GDP beat was short-lived as pound reversed the largest part of post-data gains. Monday’s long bearish daily candle weighs on near-term action but rising daily momentum so far offsets negative impact. Other indicators (MA / stochastic/RSI) are in negative setup and threatening of limited recovery (so far capped by 10DMA at 0.8460) before bears regain full control. Firm break of cracked Fibo support at 0.8435 (50% retracement of 0.8276/0.8595) would spark fresh weakness towards 0.8398 (Fibo 61.8%) and 0.8386 (lows of 31/24 Jan). Conversely, close above 10DMA would ease negative pressure, but lift above 0.8466/86 zone (falling 20/30/55 DMA’s) would neutralize threats and shift near-term focus up.
Res: 0.8460, 0.8466, 0.8486, 0.8503
Sup: 0.8431, 0.8398, 0.8386, 0.8351
