GBP/USD outlook: Bulls test again 1.3200 barrier, eye UK data for fresh signals

Slobodan Drvenica Windsor Brokers

Cable remains well supported at the start of the week and extends steep ascend into fifth consecutive day.

Bulls crack 1.3200 barrier again (following last attempt and false break higher on April 3) but is likely to face headwinds at this zone again as daily indicators are entering overbought zone and traders may pull the break ahead of release of UK labor data (Tuesday) and Inflation report (Wednesday) which provide fresh signals.

Targets above 1.3200 lay at 1.3434 (Sep 26 peak) and 1.3500 (round figure).

Initial support lays at 1.3119 (broken Fibo 76.4% of 1.3434/1.2099), 1.3061 (today’s low) and 1.3000 (psychological).

Res: 1.3200; 1.3325; 1.3398; 1.3434.
Sup: 1.3145; 1.3119; 1.3061; 1.3000.

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

1. R3 1.3378
2. R2 1.329
3. R1 1.324
PP 1.3152
1. S1 1.3102
2. S2 1.3013
3. S3 1.2964

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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