GBPUSD – bullish acceleration through 10/20 SMA pivots signals fresh direction

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable jumped on overall weaker dollar on Thursday and probes above 1.2500 handle, after fresh bullish acceleration took out 10SMA pivot at 1.2470 and cracked the next trigger at 1.2502 (20SMA).
Today's rally gives so far strong signals of final break above recent triangular consolidation and points at fresh direction upside.
Minimum requirement to maintain scenario is daily close above 10SMA, with sustained break above 20SMA, needed to generate firmer bullish signal for attack at next pivots at 1.2567 (Fibo 61.8% of 1.2704/1.2345) and 1.2580 (09 Feb recovery high).
Broken 10SMA/triangle resistance at 1.2570 now acts as strong support, which should keep the downside protected. Otherwise, return and close within the triangle would signal another false break higher and require stronger direction signal.

Res: 1.2525; 1.2567; 1.2580; 1.2619
Sup: 1.2502; 1.2470; 1.2426; 1.2412

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2584
2. R2 1.2533
3. R1 1.2502
PP 1.2452
1. S1 1.2421
2. S2 1.2371
3. S3 1.2340

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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