GBP/USD outlook: Bullish near-term bias above 10DMA
|GBP/USD
Cable regained traction on improved risk sentiment and probes above 1.20 after recent pullback from a multi-month high (1.2153) found footstep at 1.1957 (rising 10DMA).
Larger uptrend remains intact but pausing after a failure on approach on falling 200DMA (1.2166).
Strong bullish momentum on daily chart and Tenkan-sen/Kijun-sen in bullish configuration add to positive near-term outlook, with the action holding above 10DMA seen as a minimum requirement and lift above 1.2000/48 (psychological / 50% retracement of 1.3748/1.0348) to confirm bullish stance for renewed attack at 200DMA, violation of which would signal bullish continuation.
Caution on loss of 10DMA handle which would signal deeper pullback and put bulls on hold.
Res: 1.2048; 1.2166; 1.2200; 1.2286.
Sup: 1.1940; 1.1872; 1.1753; 1.1647.
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