Cable bounced back above 1.2800 after correction from fresh multi-month high at 1.2904 was contained by thickening hourly cloud at 1.2770 that sidelines immediate threats of deeper pullback.
Bullish technical studies and positive sentiment on early election decision keep the pair supported.
However, the downside would remain vulnerable as daily studies are overbought, but no firmer bearish signal seen so far.
Hourly cloud (spanned between 1.2773 and 1.2708) marks significant support and break below it would signal further easing which would expose key support at 1.2620 (200SMA).
Tuesday's high at 1.2859 marks the first pivot ahead of key 1.2904 barrier, break of which would unlock psychological 1.3000 barrier.
Res: 1.2859; 1.2904; 1.2950; 1.3000
Sup: 1.2800; 1.2770; 1.2755; 1.2708
Interested in GBPUSD technicals? Check out the key levels
- R3 1.2929
- R2 1.2895
- R1 1.2837
- PP 1.2804
- S1 1.2746
- S2 1.2712
- S3 1.2654
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.