GBP/USD outlook: Bulls are on track for eventual clear break of key fibo barrier

Slobodan Drvenica Windsor Brokers

GBP/USD

Cable is up 0.65% in early Friday, signaling bullish continuation after Thursday’s long-legged Doji, as markets digested news from Fed.
Bulls hit new highest since mid-Dec 2019 and on track for eventual close above important Fibo barrier at 1.3243 (61.8% of 1.4376/1.1409) which was cracked several times but resisted attacks that would generate bullish signal and expose monthly cloud base (1.3570).
The pair is heading for strong bullish weekly close after three consecutive weekly Dojis and also on track to end the third straight month in green.
Bullish studies are supportive, but overbought weekly stochastic warns of price adjustment, which is seen offering better levels to re-enter bullish market.
Broken bear-trendline off 1.4376 (Apr 2018 high) reverted to support (1.3164), reinforced by rising 10DMA, which is expected to contain dips.

Res: 1.3300; 1.3348; 1.3398; 1.3422
Sup: 1.3243; 1.3186; 1.3164; 1.3119

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

1. R3 1.3393
2. R2 1.3339
3. R1 1.327
PP 1.3216
1. S1 1.3147
2. S2 1.3092
3. S3 1.3023

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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