Slobodan Drvenica
Windsor Brokers
GBPUSD
Cable ticked higher on Monday but remains directionless and in range trading that extends into sixth straight day.
Near-term action remains capped by daily cloud top (1.3115) which marks key resistance along with Fibo barrier at 1.3131 (38.2% of 1.3381/1.2977).
Flat daily indicators add to neutral mode, but absence of news from Brexit is the main obstacle.
Releases of Key UK data are in focus this week with jobs/earnings data are due tomorrow; inflation on Wednesday and retail sales on Thursday.
Data could generate fresh direction signals in holiday-shortened week with lower volumes.
Sustained break above cloud top / Fibo barrier would generate bullish signal for recovery extension towards targets at 1.3179/96 (50% retracement / 3 Apr high), while close below 1.3030/40 zone (base of recent range) would weaken near-term structure and expose key support at 1.2974 (200SMA).
Res: 1.3115; 1.3131; 1.3179; 1.3196
Sup: 1.3069; 1.3042; 1.3030; 1.2974
Interested in GBPUSD technicals? Check out the key levels
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.
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