GBP/USD Outlook: Cable rises on Brexit news and pressures key barriers

Slobodan Drvenica Windsor Brokers

GBP/USD

Cable rose above 1.29 mark on weaker greenback after US data and the latest Brexit Party news and holding firmly above 20DMA (1.2872) that generates initial bullish signal.
Fresh advance pressures pivotal barriers at 1.2920 zone (Fibo 61.8% of 1.3012/1.2768/ bear-trendline off 1.3012 peak/base of thin daily cloud), close above which would signal an end of 1.3012/1.2768 corrective phase and shift near-term focus higher.
The pair is on track for bullish weekly close that adds on positive signals for renewed attack at 1.30 zone, but caution is required as long as 1.2920 barriers cap. Return and close below 20DMA would be initial warning signal, while extension below 10DMA (1.2854) will soften near-term structure.

Res: 1.2919; 1.2942; 1.2972; 1.3012
Sup: 1.2872; 1.2854; 1.2819; 1.2768

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

1. R3 1.2969
2. R2 1.2929
3. R1 1.2904
PP 1.2864
1. S1 1.2839
2. S2 1.2799
3. S3 1.2774

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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