GBP/USD outlook: Weekly close above 1.30 to confirm strong bullish stance and focus 2020 high

Slobodan Drvenica Windsor Brokers

GBP/USD

Cable is establishing above 1.31 handle on Friday and eyes targets at 1.3212/43 (2020 high/Fibo 61.8% of 1.4376/1.1409) after bulls easily broke strong barriers at 1.3000/17 (psychological/Fibo 76.4% of 1.3514/1.1409) on Thursday. Strong bullish sentiment on weak dollar (charts signal further weakness of the greenback in August) and positive techs point to further advance, as the pair is on track for the second bullish week and the biggest monthly rally since May 2009. Strongly overbought daily studies require caution, as bulls may take a breather before resuming, but weekly close above 1.3000/17 pivots is needed to confirm strong bullish bias and keep immediate focus at the upside.

Res: 1.3144; 1.3199; 1.3112; 1.3243
Sup: 1.3100; 1.3074; 1.3017; 1.3000

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

1. R3 1.3309
2. R2 1.3206
3. R1 1.3151
PP 1.3048
1. S1 1.2992
2. S2 1.2889
3. S3 1.2834

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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