GBP/USD outlook: Cable rises above 1.3000 for the first time since mid-July
|GBP/USD
Cable broke above psychological 1.30 level on Tuesday (last probe above this barrier was on July 17/18).
Rally from 1.2664 (Aug 8 low, where rising daily cloud contained previous downtrend and reversed direction) is steep and uninterrupted, holding for the second week.
Daily studies hold strong positive momentum and MA’s in bullish setup, suggesting that bulls hold grip for more gains.
July peak at 1.3044 is under pressure, with firm break here to open way towards 2023 high at 1.3141.
On the other hand, overbought conditions on daily chart may pause rally for consolidation / shallow correction.
Initial supports lay at 1.2974/54, followed by 1.2900 and daily cloud top (1.2860).
Release FOMC Minutes (Wednesday) and Fed Powell’s speech in Jackson Hole (Friday) will be closely watched for fresh signals.
Res: 1.3044; 1.3100; 1.3141; 1.3200.
Sup: 1.3000; 1.2954; 1.2900; 1.2860.
Interested in GBP/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.