Slobodan Drvenica
Windsor Brokers
GBPUSD
Cable surges above 1.14 handle in European trading on Monday, in extension of Friday’s bounce from strong support at 1.1150 (Fibo 38.2% of 1.0348/1.1645) where a double bottom was left.
Fresh advance was sparked by renewed risk mode and so far retraced slightly over 61.8% of 1.1645/1.1146 bear-leg, generating a reversal signal.
Daily studies are turning to bullish configuration as positive momentum is strengthening and RSI / Stochastic are heading north.
Close above daily Tenkan-sen (1.1395) is needed to keep bulls intact for push through pivots at 1.1500/1.1527 (psychological / Fibo 76.4%) that would confirm reversal and open way towards Oct monthly peak at 1.1645.
Broken top of thick daily cloud (1.1321) marks pivotal support, loss of which would weaken near-0term structure.
Res: 1.1470; 1.1500; 1.1527; 1.1566.
Sup: 1.1395; 1.1337; 1.1290; 1.1264.
Interested in GBPUSD technicals? Check out the key levels
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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