GBPUSD holds bullish momentum despite renewed attempts lower

Slobodan Drvenica Windsor Brokers

GBP/USD

Yesterday’s close in red and below 1.3200 handle signals near-term bulls might be running of steam, after bullish acceleration through 1.3200 was capped at 1.3270. Mixed structure of daily studies suggests prolonged consolidation, however, dips-buying scenario remains favored for renewed attempts higher. Firm break above 1.3270/1.3300 resistance zone is needed to signal bullish resumption and expose key 1.3369 barrier.
Plethora of faster MA’s (10, 20, 30 SMA) lies at 1.3115/30 zone and marks downside breakpoint, with break here expected to bring bears back to play.

Res: 1.3270; 1.3300; 1.3343; 1.3369
Sup: 1.3167; 1.3159; 1.3116; 1.3080

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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