GBPUSD Outlook: Bulls eye key 1.3297 barrier but consolidation could precede

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable extended above 1.3200/09 barriers (round-figure / Fibo 76.4% of 1.3297/1.2922 descend) and hit new high at 1.3244 (the highest since 21 Sep) on Thursday.
Weaker dollar and bullish sentiment on positive Brexit news, added to bullish outlook, as firm break above 1.32 handle would open way for full retracement of 1.3297/1.2922 bear-leg.
Meanwhile, quick pullback from 1.3244 suggests that bulls may enter consolidative phase before continuing.
Overbought slow stochastic and some dissonant tones about Brexit from media and some politicians, support the notion.
Broken Fibo 61.8% barrier at 1.3154 now acts as solid support which should ideally hold dips and keep bulls intact.
Focus turns towards US CPI data, due later today, which could provide fresh direction signals.

Res: 1.3209; 1.3244; 1.3276; 1.3297
Sup: 1.3170; 1.3154; 1.3133; 1.3106

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3309
2. R2 1.3263
3. R1 1.3227
PP 1.3181
1. S1 1.3146
2. S2 1.31
3. S3 1.3064

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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