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Technical Outlook: GBPUSD – Initial Attempt Above Daily Cloud Failed But N/T Bulls Are Still In Play

Cable opened with gap-higher on Monday and spiked at 1.2924, probing briefly above daily cloud top (1.2912) but gains were so far short-lived and capped by 55SMA.

Subsequent pullback so far found footstep above strong support at 1.2857 (daily cloud base, reinforced by 10SMA). Good demand lies at this zone and bulls need to hold above here for renewed attempts higher.

Technical studies are mixed on daily chart but bullish signal was generated on completion of reversal pattern on Friday.

Sustained break above daily cloud/55SMA would open psychological 1.3000 barrier (also 30SMA for test). Conversely, return and close below daily cloud would be negative signal and shift near-term focus lower.

Res: 1.2912, 1.2924, 1.2962, 1.2992
Sup: 1.2873, 1.2857, 1.2811, 1.2793

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