Cable regained traction on improved risk sentiment and probes above 1.20 after recent pullback from a multi-month high (1.2153) found footstep at 1.1957 (rising 10DMA).
Larger uptrend remains intact but pausing after a failure on approach on falling 200DMA (1.2166).
Strong bullish momentum on daily chart and Tenkan-sen/Kijun-sen in bullish configuration add to positive near-term outlook, with the action holding above 10DMA seen as a minimum requirement and lift above 1.2000/48 (psychological / 50% retracement of 1.3748/1.0348) to confirm bullish stance for renewed attack at 200DMA, violation of which would signal bullish continuation.
Caution on loss of 10DMA handle which would signal deeper pullback and put bulls on hold.
Res: 1.2048; 1.2166; 1.2200; 1.2286.
Sup: 1.1940; 1.1872; 1.1753; 1.1647.
Interested in GBP/USD technicals? Check out the key levels
- R3 1.2242
- R2 1.218
- R1 1.2064
- PP 1.2002
- S1 1.1887
- S2 1.1825
- S3 1.1709
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.