GBPUSD – Bulls are taking a break but focus remains at the upside
|GBPUSD
Cable is holding within narrow consolidation in early Friday's trading after strong rally in past two days which peaked at 1.3464. Thursday's long-legged daily candle suggests bulls might be running out of steam, but overall structure remains firm. Consolidation is expected to hold above 10SMA (1.3412) to keep bullish bias intact for fresh upside towards 1.3500+. Conversely, loss of 10 SMA handle would weaken near-term structure with extension below rising 20SMA (1.3380) to signal reversal.
Res: 1.3447; 1.3464; 1.3491; 1.3520
Sup: 1.3412; 1.3380; 1.3364; 1.3305
Interested in GBPUSD 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.