GBP/USD outlook: Larger bulls likely to take a breather before resuming

Slobodan Drvenica Windsor Brokers

GBP/USD

Cable eases from new highest levels since March 2022 on Monday, suggesting that bulls may take breather after 3.6% advance in past two weeks and strong bullish acceleration last Friday (almost 1% daily gain).

Strongly overbought daily studies prompt traders to collect profit, though correction is likely to be limited as the uptrend is strong.

Higher base at 1.3080 marks initial support, while extended dips should be contained by solid supports at 1.3000 zone (38.2% of 1.2664/1.3229 / 10DMA / psychological) and mark a healthy correction, before fresh push higher and potential attack at 1.3328 (Fibo 76.4% of 1.4249/1.0348).

Res: 1.3229; 1.3279; 1.3300; 1.3328.
Sup: 1.3129; 1.3044; 1.3000; 1.2947.

Interested in GBP/USD technicals? Check out the key levels

1. R3 1.341
2. R2 1.332
3. R1 1.3269
PP 1.3179
1. S1 1.3127
2. S2 1.3037
3. S3 1.2985

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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