GBP/USD Outlook: Absence of Brexit news maintains directionless mode; key UK data in focus for fresh signals

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

1. R3 1.321
2. R2 1.3171
3. R1 1.3126
PP 1.3087
1. S1 1.3042
2. S2 1.3003
3. S3 1.2958

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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