GBPUSD – probes above triangle resistance give initial direction signals

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable remains within near-term triangle following yesterday’s unsuccessful probe above upper pivot (10SMA / triangle resistance line at 1.2465).

Near-term studies remain neutral, while dailies are mixed and show no direction signals for now.

However, yesterday’s spike higher that was capped by next pivotal barrier at 1.2506 (descending 20SMA) could be seen as initial signal of fresh strength.

Minimum requirement for this scenario is close above 10SMA (1.2465) with renewed attempts through 20SMA to confirm fresh bullish action towards upper breakpoints at 1.2550/80.

Initial supports at 1.2420/10 zone (yesterday’s low / triangle support line) guard lower pivots at 1.2400 (100SMA) and daily cloud top at 1.2380.

Res: 1.2465; 1.2496; 1.2521; 1.2550
Sup: 1.2420; 1.2412; 1.2400; 1.2379

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2584
2. R2 1.2533
3. R1 1.2502
PP 1.2452
1. S1 1.2421
2. S2 1.2371
3. S3 1.2340

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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