Cable Corrects to Key Retracement Level

[I][U]Technical:[/U][/I] [B]GBP/USD
Resistance: 2.0400
Support: 2.0200[/B]
Sliding further from the 26-year highs of 2.0654, cable price action has stalled at the significant 50% Fibonacci Level of 2.0150.

Technical analysts cite candle formations such as the Doji Star to gauge prevailing market sentiment. Coming off an 3 Black Crows candle wave, caution remains to sterling longs but a short-term rebound back above the 20 MA is still feasible.

See Daily Technicals for more details: