Slobodan Drvenica
Windsor Brokers
GBP/USD
Cable is holding within a tight range on Wednesday morning, as two-day pullback found a footstep on broken Fibo support at 1.2585, though stronger dollar and weaker than expected UK data continue to sour the sentiment.
Traders await release of US labor data (ADP report is due later today and NFP on Friday) for fresh direction signals.
Technical studies on daily chart are bullishly aligned (positive momentum / MA’s mainly in bullish setup / oversold stochastic) which points to scenario of limited correction preceding fresh push higher.
Extended dips should hold above rising 20DMA (1.2518) and should not exceed 200DMA (1.2479) to keep short-term action biased higher, with break of recent tops (also Fibo 61.8% of 1.3141/11.2037) which recently capped multiple attacks, to signal bullish continuation.
Res: 1.2631; 1.2700; 1.2719; 1.2746.
Sup: 1.2577; 1.2518; 1.2500; 1.2467.
Interested in GBP/USD 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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