GBPUSD – no clear direction on mixed daily studies; US data eyed

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable ticked higher on Friday, in attempts to extend recovery rally from the previous day, driven by weaker dollar, but limited upside seen so far.
Bulls are lacking strength for stronger advance, holding in the middle of two-week 1.3457/1.3612 range.
Daily studies show MA's in bullish setup but RSI and Momentum in sideways mode and offsetting bullish signals.
Recent upside attempts were so far limited by 4-hr cloud top (currently at 1.3552, also Fibo 61.8% of 1.3612/1.3457), firm break of which would generate fresh bullish signal and shift near-term focus higher.
Otherwise, increasing downside risk could be expected on repeated rejections here and return below 10 SMA (1.3540).
The pair is awaiting releases of US data today for fresh direction signals.

Res: 1.3564; 1.3585; 1.3612; 1.3655
Sup: 1.3540; 1.3517; 1.3481; 1.3457

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3672
2. R2 1.3614
3. R1 1.3575
PP 1.3516
1. S1 1.3477
2. S2 1.3419
3. S3 1.338

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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