GBPUSD – bulls test again 1.3200 barrier, eye UK data for fresh signals

Cable remains well supported at the start of the week and extends steep ascend into fifth consecutive day.

Bulls crack 1.3200 barrier again (following last attempt and false break higher on April 3) but is likely to face headwinds at this zone again as daily indicators are entering overbought zone and traders may pull the break ahead of release of UK labor data (Tuesday) and Inflation report (Wednesday) which provide fresh signals.

Targets above 1.3200 lay at 1.3434 (Sep 26 peak) and 1.3500 (round figure).
Initial support lays at 1.3119 (broken Fibo 76.4% of 1.3434/1.2099), 1.3061 (today’s low) and 1.3000 (psychological).

Res: 1.3200; 1.3325; 1.3398; 1.3434
Sup: 1.3145; 1.3119; 1.3061; 1.3000