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Technical Outlook: GBPUSD Remains Capped At 1.3050 But 1.3000 Pivot Stays Intact For Now

Cable stands at the back foot in early Tuesday’s trading, following strong upside rejection at key near-term barrier at 1.3051 (Fibo 61.8% 1.3125/1.2932 pullback / 19 July high) on Monday (the price hit daily high at 1.3058 but closed at 1.3026).

Good offers lay at 1.3050 zone and keep near-term bias shifted lower for retest of strong support at 1.3000 (psychological level / hourly cloud top / rising daily Tenkan-sen).

Bullish daily studies favor further upside, with 1.3000 handle required to hold dips and sustained break above 1.3051 needed to re-focus targets at 1.3100/25, as weaker dollar supports pound’s bulls.

Return below 1.3000 (also trendline support) and extension below 1.2980 (base of thick 4-hr cloud) would weaken near-term tone and risk return to key near-term support at 1.2931 (20 July correction low / Fibo 61.8% of 1.2811/1.3125 rally).

Res: 1.3051, 1.3080, 1.3100, 1.3125
Sup: 1.3013, 1.3000, 1.2980, 1.2968

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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