Mon, Aug 02, 2021 @ 06:50 GMT
HomeContributorsTechnical AnalysisTechnical Outlook: GBPUSD – Bulls Are Consolidating After Surge Above Daily Cloud

Technical Outlook: GBPUSD – Bulls Are Consolidating After Surge Above Daily Cloud

Cable is consolidating under fresh high at 1.3337 on Thursday after Wednesday’s strong bullish acceleration eventually broke above daily cloud and cracked key barriers at 1.3320/37 (01 Nov / 13 Oct peaks). Longs remain firmly in play and eye next target at 1.3415 (Fibo 61.8% of 1.3655/1.3026 bear-leg) with bulls expected to consolidate before resuming. Broken trendline which connects 1.3320/37 tops is now acting as initial support at 1.3305 and so far holding the downside. However, deeper dips cannot be ruled out, with broken daily cloud top (1.3261) expected to ideally contain.

Res: 1.3337, 1.3341, 1.3401, 1.3415
Sup: 1.3305, 1.3261, 1.3214, 1.3199

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