GBP/USD outlook: Cable rises above 1.3000 and hits new 2024 high

Slobodan Drvenica Windsor Brokers

GBP/USD

Cable surged through psychological 1.30 barrier and hit its highest in one year on Wednesday, after hotter than expected UK June inflation data tempered expectations for first BoE rate cut in next month policy meeting.

Fresh strength after a two-day pause for consolidation signals continuation of broader uptrend however, close above 1.30 level is required to confirm signal and focus targets at 1.3050 and 1.3100/20.

Strongly overbought daily studies warn that bulls may lose traction, with limited dips (ideally to be contained by 1.30 support and not to exceed 1.2940 higher low) to offer better levels to re-enter bullish market.

Res: 1.3050; 1.3100; 1.3120; 1.3141.
Sup: 1.3000; 1.2966; 1.2940; 1.2893.

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

1. R3 1.3031
2. R2 1.3005
3. R1 1.2989
PP 1.2964
1. S1 1.2948
2. S2 1.2922
3. S3 1.2906

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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