GBPUSD Outlook: Cable looks for direction signal

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable holds within tight range in early Wednesday’s trading, with slight bullish bias following Tuesday’s positive close and recent M&A news.
Immediate downside risk following political turmoil in the UK is sidelined for now, but risk aversion on renewed trade war concerns and bearishly aligned techs (thick daily cloud continues to weigh along with south-heading momentum and slow stochastic) may limit upside attempts.
Bullish signal could be expected on violation of upper pivots at 1.3380 (daily cloud base/falling 55SMA) while converged 10/20SMA’s mark lower trigger at 1.3215, loss of which would be a bearish signal.

Res: 1.3301; 1.3362; 1.3380; 1.3446
Sup: 1.3248; 1.3215; 1.3189; 1.3114

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3389
2. R2 1.3346
3. R1 1.331
PP 1.3267
1. S1 1.3231
2. S2 1.3188
3. S3 1.3152

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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