Cable extends gains into the second straight day, following Wednesday’s 0.6% rebound after being firmly in red for four consecutive days.

Bullish signal from Wednesday’s bullish engulfing was boosted by return and close above 200DMA, with today’s bullish close required to confirm reversal signal.

Bullseye initial targets at 1.3780 (10DMA/Fibo 61.8% of 1.3910/1.3571) and 1.3800 (20DMA), break of which would accelerate recovery.

Caution on rising bearish momentum which is diverging from price action and warning of possible recovery stall.

Broken 200DMA marks pivotal support (1.3700) and close back below the indicator would revive bears.

Res: 1.3758; 1.3780; 1.3800; 1.3830.
Sup: 1.3700; 1.3690; 1.3651; 1.3591.


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

    1. R3 1.3892
    2. R2 1.3807
    3. R1 1.376
  1. PP 1.3675
    1. S1 1.3628
    2. S2 1.3543
    3. S3 1.3496

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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