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GBP/USD Outlook: Cable Remains Firm

GBP/USD Outlook: Cable Remains Firm


The cable remains firm as fresh extension higher completed near-tern 1.6161/1.5953 corrective phase. The price posted marginally fresh high at 1.6179, with positively aligned near-term technicals being supportive for possible attack at thepsychological 1.6200 barrier. However, overbought conditions on lower timeframes studies see a corrective pullback preceding fresh rally with initial support at 1.6130, Friday’s intraday high and 23.6% of 1.5953/1.6179. Ahead of 1.6100, 38.2% retracement, 26/09 high, and the 55DMA is seen as the ideal reversal point. Overbought daily studies, however, require caution. Resistance: 1.6179; 1.6200; 1.6250; 1.6300

Support: 1.6130; 1.6100; 1.6060; 1.6028

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