GBPUSD consolidates under new multi-month peak

Cable trades near 6 ½ month peak (1.3675, hit on Friday) and moving in more quiet mode on Monday, as traders reduce speed ahead of this week’s key events – release of US PCE Index and the speech of Fed’s Warsh in Jackson Hole symposium, which is expected to provide the latest inflation update as well as potential signal about the US central bank’s steps in coming months.

Negatively diverging 14-d momentum, overbought RSI and long upper shadows on Thu/Fri daily candles, warn that bulls may start losing traction.

Larger bullish structure remains firm and suggests that corrective dips should be shallow (ideally to be contained by rising 10DMA at 1.3559, with deeper pullback to find footstep above 1.3520 – Fibo 38.2% of 1.3273/1.3675 upleg) and keep bulls in play for potential acceleration towards 2026 peak at 1.3869.

Res: 1.3655; 1.3675; 1.3712; 1.3730
Sup: 1.3617; 1.3580; 1.3520; 1.3500