GBPUSD – bulls may hold in consolidation after repeated failure at new 7-week high at 1.4244
Cable eases in early European trading after folding within tight consolidation overnight and retested Monday’s seven-week high at 1.4244.
The price is so far holding above broken bull-channel upper boundary and keeping immediate focus at the upside, for test of next target at 1.4277 (01/02 Feb double-top).
Fresh risk appetite keeps the pair underpinned, as bullish daily techs signal further advance.
However, consolidation may precede fresh upside action as daily techs are extended, with broken channel boundary marking immediate support ahead of 1.4144 (16 Feb high), with broken Fibo barrier at 1.4102 expected to contain extended dips.
Res: 1.4244; 1.4277; 1.4300; 1.4345
Sup: 1.4189; 1.4171; 1.4144; 1.4129