Slobodan Drvenica
Windsor Brokers
Cable fell back to 1.2700 support zone (daily Tenkan-sen/hourly cloud top) after posting marginally higher recovery high at 1.2759 on Monday.
The second attempt to clearly break above 1.2737 pivot (Fibo 38.2% of 1.2977/1.2588 downleg) was so far unsuccessful, however, bullish stance is expected to remain in play while 1.2700 support holds.
Markets are awaiting an announcement of Tory/DUP deal which could be supportive for sterling for fresh extension of last week's strong recovery rally from 1.2588 towards strong resistance zone at 1.2790/1.2815 (falling 20SMA/14-19 June lower platform).
Conversely, break and close below 1.2700 would generate fresh bearish signal for extended pullback from session high at 1.2759.
Res: 1.2737; 1.2759; 1.2790; 1.2815
Sup: 1.2700; 1.2674; 1.2653; 1.2625
Interested in GBPUSD technicals? Check out the key levels
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.
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