Cable continues to trend higher and hit new high at 1.3257, the highest since 21 Sep, on track for final attack at 1.33 zone barriers (1.3298 was high of 20Sep and 1.3316 is Fibo 38.2% of larger 1.4376/1.2661 Apr/Aug fall). Positive tone from Brexit talks keeps pound supported as the latest news suggest that a deal could be reached as early as Monday. British PM May briefed her inner Cabinet that Irish issue is close to being settled and that the final deal is very near. Bullish daily techs add to positive outlook, however, bulls are expected to face strong headwinds at 1.33 zone, with strongly overbought slow stochastic adding to risk of consolidative corrective action. Supports at 1.3200 zone should ideally contain and keep bulls intact, as eventual break above 1.3298/1.3316 pivots on stronger positive signal of Brexit deal could spark acceleration towards barriers at 1.35 zone (1.3472 was 07 June high and 1.3519 marks 50% retracement of 1.4376/1.2661). The pair is on track for repeated strong weekly bullish close which adds to positive outlook.
Res: 1.3257; 1.3276; 1.3297; 1.3316
Sup: 1.3209; 1.3170; 1.3154; 1.3133
Interested in GBPUSD technicals? Check out the key levels
- R3 1.3329
- R2 1.3288
- R1 1.3261
- PP 1.3221
- S1 1.3194
- S2 1.3154
- S3 1.3126
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.