Slobodan Drvenica
Windsor Brokers
GBPUSD
Cable is consolidating under new multi-week high (1.1854) reinforced by cracked Fibo 76.4% of 1.2293/1.0348 (1.1834), where last week’s strong rally faced headwinds.
Bulls remain firmly in play despite overextended daily studies, boosted by weekly bullish engulfing pattern, pressuring 1.1834 Fibo pivot, break of which would open way for attack at psychological 1.20 barrier.
Converged 5/100DMA’s are about to form bull-cross (1.1655) and offer good support which should protect the downside and keep focus at the upside.
Only loss of pivotal 1.1550/1500 support zone (broken Fibo 61.8% / 10DMA / psychological) would harm bulls and signal deeper pullback.
Res: 1.1854; 1.1900; 1.2000; 1.2048.
Sup: 1.1743; 1.1655; 1.1645; 1.1550.
Interested in GBPUSD technicals? Check out the key levels
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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