Cable – Technicals suggest renewed attempts above 1.3000

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable returned to back to the range after strong rally on Thursday probed above psychological 1.3000 barrier peaked at 1.3046 (the highest since Oct 2016). The pair was unable to sustain break above 1.3000 on first attempt and fell back after rally was capped by descending weekly cloud which offers significant resistance. However, overall bias remains with bulls and fresh attempts above 1.3000 could be expected while pivotal supports at 1.2924/07 (10SMA / 20 SMA respectively) stay intact and continue to underpin the action. Penetration into weekly cloud would support bulls for fresh extension higher and expose next objective at 1.3143 (Fibo 38.2% of 1.5015/1.1986 descend). Conversely, increased pressure could be expected on loss of 10/20SMA's that would expose lower triggers at 1.2843/30.

Res: 1.3000; 1.3046; 1.3100; 1.3143
Sup: 1.2944; 1.2924; 1.2907; 1.2889

Interested in GBP/USD technicals? Check out the key levels

1. R3 1.3191
2. R2 1.3120
3. R1 1.3030
PP 1.2959
1. S1 1.2869
2. S2 1.2799
3. S3 1.2708

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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