GBPUSD – Bulls regain control after Thursday’s roller-coaster

GBPUSD

Cable regained strength and rallied above 1.3300 barrier on Friday after being shaken by comments about Brexit process. The pair returned to its larger uptrend after ending Thursday's roller-coaster action when it slumped from 1.3262 to 1.3121 and recovered all losses on subsequent swift bounce. Sustained break above 1.3266 (Fibo 38.2% of 1.3655/1.3026 downleg) which limited upside attempts on Thursday, was bullish signal for extension towards next pivot at 1.3340 (20SMA/Kijun-sen/50% retracement). Sustained break here is needed to signal bullish continuation towards 1.3415 (Fibo 61.8% of 1.3655/1.3026). However, the upside action could be limited here as slow stochastic is overbought on daily chart. Broken 30SMA marks initial support at 1.3289, followed by broken Fibo 38.2% at 1.3266. Lower pivot lies at 1.3207 (10SMA) close below which will be bearish. No economic releases from UK are scheduled today and US data will be in focus.

Res: 1.3340; 1.3415; 1.3455; 1.3473
Sup: 1.3289; 1.3266; 1.3208; 1.3175

GBPUSD

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