Mon, Jun 05, 2023 @ 17:35 GMT
HomeContributorsTechnical AnalysisGBPUSD Hit New High Today, But Struggling Above Fibo Barrier At 1.2476,...

GBPUSD Hit New High Today, But Struggling Above Fibo Barrier At 1.2476, UK Data In Focus

Cable remains steady on Thursday and posted new high at 1.2514, signaling bullish continuation after Wednesday’s action ended in long-legged Doji and closed at important Fibo 61.8% barrier at 1.2476.

Technical studies are in firm bullish setup and supportive for further advance, as daily cloud contained yesterday’s dips and is going to widen in coming days, is continuing to underpin.

Focus remains at immediate targets at 1.2563/68 (Fibo 76.4% of 1.2704/1.2107 / 24 Feb high), however, close above 1.2476 is seen as initial requirement to maintain bullish bias.

Solid supports at 1.2412/04 (broken 100SMA / daily cloud top) need to contain extended dips to keep bulls intact and prevent deeper downticks.

Res: 1.2514, 1.2521, 1.2568, 1.2580
Sup: 1.2465, 1.2412, 1.2404, 1.2383

Windsor Brokers Ltd
Windsor Brokers Ltd
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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