GBPUSD -bulls approach key Fibo barrier at 1.3837
Cable extended strong advance on Monday and posted new post-Brexit recovery high at 1.3769, approaching psychological 1.3800 barrier and focusing key point at 1.3837 (Fibo 61.8% of post-Brexit vote 1.5016/1.1930 fall).
The pound rides on strong bullish sentiment and seen extending further up on sustained break above 1.3837 and expose psychological 1.4000 barrier.
Fourth straight bullish weekly close last Friday is strong bullish factor which underpins the advance.
Key events for sterling this week are releases of UK inflation (Tuesday) and retail sales (Friday) which are expected to provide strong signals.
Former top at 1.3612 (03 Jan) reinforced by rising daily Tenkan-sen, marks strong support which is expected to hold and keep the downside protected.
Res: 1.3762; 1.3800; 1.3837; 1.3900
Sup: 1.3724; 1.3700; 1.3650; 1.3612