GBPUSD – bulls are looking for extension above 1.3500 barrier to open way towards 2017 high
Cable extends strong bullish acceleration on Brexit optimism and probes above weekly cloud top (1.3473), eyeing psychological 1.3500 barrier.
Bullish signal was generated after today’s rally made firm break above important 1.3415 resistance (Fibo 61.8% of 1.3655/1.3026 descend).
Sustained break above 1.35 barrier would open way towards 1.3655 (2017 high, posted on 20Sep) to mark full retracement of 1.3655/1.3026 corrective phase).
Bullish studies support the advance, but corrective action could be anticipated as daily indicators are at the border of overbought territory. Corrective dips are expected to offer better levels to re-join the rally.
Res: 1.3506; 1.3570; 1.3600; 1.3655
Sup: 1.3415; 1.3404; 1.3337; 1.3315