HomeContributorsTechnical AnalysisTechnical Outlook: GBPUSD – Recovery Acceleration Eyes Key Barrier At 1.4344

Technical Outlook: GBPUSD – Recovery Acceleration Eyes Key Barrier At 1.4344

Cable holds firm bullish tone on Thursday and extends strong recovery rally of past two days from 30 Jan spike low at 1.3979.

Today’s rally broke above 1.4258 (Fibo 76.4% of 1.4344/1.3979 pullback) opening way towards psychological 1.4300 barrier and key barrier at 1.4344 (post Brexit vote recovery high).

Eventual break here would open way for extension of recovery phase from 1.1930 (07 Oct 2016 post-Brexit fall low) towards projected levels at 1.4431 (Fibo 123.6%) and 1.4484 (Fibo 138.2% projection).

Rising 10 SMA / daily Tenkan-sen continue track the advance, offering solid supports at 1.4102/00 which guards key near-term support at 1.40 zone.

Near-term action is also underpinned by thick 4-hr cloud (spanned between 1.4157 and 1.4043).

Sterling showed impressive rally in January, rallying 5.2% for the month, in its biggest monthly rally since May 2009.

Res: 1.4286, 1.4344, 1.4400, 1.4431
Sup: 1.4232, 1.4200, 1.4157, 1.4135

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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