GBPUSD – bulls probe again above bull-channel resistance line
Cable stands at the front foot at the beginning of the week, maintaining bullish sentiment on last week’s positive news from Brexit negotiations and strong data. Bulls probe again above cracked bull-channel resistance line (1.4176), in attempts to retest last week’s spike high at 1.4218 (the highest since 02 Feb).
Bullish daily studies are supportive for further advance which could extend towards double-top at 1.4277 (01/02 Feb) on firm break of 1.4218 high and expose key barrier at 1.4255 (the highest since June 2016 Brexit vote).
Broken Fibo 61.8% support at 1.4102 is expected to contain and guard lower pivot at 1.4053 (daily Tenkan-sen).
Res: 1.4218; 1.4277; 1.4300; 1.4344
Sup: 1.4171; 1.4144; 1.4129; 1.4102