GBP/USD outlook: Bulls face headwinds from psychological 1.20 level but key Fibo barrier at 1.2093 is still in focus


GBP/USD

Cable stands at the front foot in European trading on Thursday, following bullish signal on previous day’s close above 1.1832 (Fibo 23.6% of 1.3199/1.1409) but bulls face headwinds on approach to psychological 1.20 barrier, with near-term action being weighed by weak UK retail sales data.
The pair is lacking momentum for now that may delay bulls but bias is expected to remain positive while the action holds above broken Fibo barrier at 1.1832 (reinforced by falling 10DMA).
Weak dollar contributes to pound’s strength, with break of 1.20 level to expose key Fibo barrier at 1.2093 (38.2% of 1.3199/1.1409), violation of which would generate reversal signal.

Res: 1.1973; 1.2000; 1.2093; 1.2129
Sup: 1.1832; 1.1775; 1.1741; 1.1709

GBPUSD

 

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

    1. R3 1.2357
    2. R2 1.2165
    3. R1 1.2022
  1. PP 1.1831
    1. S1 1.1688
    2. S2 1.1496
    3. S3 1.1354

 

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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