HomeContributorsTechnical AnalysisGBP/USD: Constructive Above Daily Tenkan-sen But Double Top Weighs

GBP/USD: Constructive Above Daily Tenkan-sen But Double Top Weighs

Early Monday’s action is holding within a narrow consolidation following Friday’s 0.6% pullback which left a double-top (1.2793/90).

Cable remains constructive above daily Tenkan-sen (1.2647) but needs to clearly break above cracked Fibo barrier at 1.2719 (61.8% of 1.3141/1.2037) to bring bulls fully in play for fresh push towards targets at 1.2800/37 (round-figure / 200WMA).

Daily moving averages are in bullish setup but positive momentum is fading (14-d momentum indicator is at the midline) contributing to near-term directionless mode.

Violation of daily Tenkan-sen to generate initial bearish signal and risk deeper drop towards 1.2589 (broken Fibo 50%) and 1.2502/00 pivots (daily Kijun-sen / Dec 13 higher low) loss of which will be bearish.

Res: 1.2719; 1.2746; 1.2800; 1.2837.
Sup: 1.2647; 1.2612; 1.2589; 1.2500.

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