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Technical Outlook: GBPUSD – Hanging Man Candle Warns Of Deeper Pullback

Cable is consolidating under fresh high at 1.3029, where last week’s steep ascend peaked. Today’s action is still holding within narrow range, so far contained by psychological 1.3000 support (top of thick hourly cloud), but stronger correction of 1.2588/1.3029 could be anticipated. Strongly overbought slow stochastic on daily chart suggests further easing, with notion being supported by Hanging Man candle formed on Friday. Loss of 1.3000 handle would open at 1.2944 (Friday’s low) and strong support at 1.2910 (daily cloud top). Dips should ideally find support here, however, deeper pullback towards 1.2860 (Fibo 38.2% of 1.2588/1.3029) and 1.2836 (30SMA) cannot be ruled out. Bull-cross of 10/20SMA’s underpins the action at 1.2808.

Res: 1.3029, 1.3047, 1.3081, 1.3120
Sup: 1.2990, 1.2977, 1.2944, 1.2910

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