GBPUSD – bears favor limited correction before resuming

Cable tracks the Euro in early European trading and extends bounce from new multi-month low at 1.3205.
Fresh extension higher pressures 1.33 resistance zone (Tuesday’s intraday high / falling 5SMA) break of which would sideline immediate downside risk and signal further correction.
Falling 10SMA marks key near-term barrier (1.3371) and close above it would provide relief.
Mixed daily techs with sideways moving momentum, bearish MA and north-turning oversold RSI / slow stochastic, support the notion.
However, overall structure remains bearish and current bounce could be seen as positioning for fresh downside.
Early upside rejection under 5SMA would turn immediate focus lower for retest of strong support at 1.3205 (weekly cloud top), violation of which would signal continuation of the downtrend from 1.4376 (17 Apr peak).

Res: 1.3300; 1.3325; 1.3371; 1.3421
Sup: 1.3241; 1.3205; 1.3153; 1.3100