GBP/USD outlook: Cable rose after strong data by was deflated by fresh euro's weakness
|GBP/USD
Cable probed again through pivotal Fibo barrier at 1.3243 (61.8% of 1.4376/1.1409) and approached new 2020 high (1.3266), inflated by better than expected UK retail sales data, but failed to break higher. Upbeat UK PMI's should also contribute, but the action is weighed down Euro's attempts to correct deeper before resuming uptrend. Fading bullish momentum and south-heading RSI/stochastic add to negative signals, suggesting that sterling may ease further after triple rejection at key Fibo barrier, which could also create a bull-trap on weekly chart. Key supports at 1.3000/1.2918 (higher base / 200DMA) are expected to hold and keep bulls in play.
Res: 1.3224; 1.3243; 1.3300; 1.3339
Sup: 1.3156; 1.3110; 1.3077; 1.3000
Interested in GBP/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.