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GBPUSD Outlook: Bull Are Taking A Breather After Initial Attack At 100SMA Failed

Cable ticked lower on Tuesday after attempts to extend previous day’s rally faced headwinds from strong resistances at 1.3162/67 (Fibo 61.8% of 1.3472/1.2661 / falling 100SMA).

Bulls may take a breather, with consolidative / corrective action signaled by overbought slow stochastic and 14-d momentum heading south after forming a bear-cross.

Dips are expected to hold above broken top of falling daily cloud (1.3088) to keep bulls intact for renewed attack at 1.3162/67 pivots.

Sustained break here would generate strong bullish signal for extension of short-term uptrend from 1.2661 (15 Aug low) towards targets at 1.3213 (26 July high) and 1.3280 (Fibo 76.4%).

Conversely, break and close below daily cloud top would risk deeper pullback and expose supports at 1.3043 (former high of 30 Aug) and 1.3010 pivot (55SMA).

Res: 1.3167, 1.3213, 1.3280, 1.3335
Sup: 1.3130, 1.3101, 1.3088, 1.3010

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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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