GBPUSD – daily cloud top continues to limit bulls
Cable maintains firm tone but so far unable to break above daily cloud top and Fibo 38.2% of 1.3655/1.3026 (1.3261/66) which mark key near-term barriers.
Yesterday’s action ended in Doji candle, signaling indecision, but today’s trading is holding near highs and offsetting negative signals for now.
Techs are bullishly aligned and supportive (10/20 and 10/30SMA’s bull-crosses / strong momentum) for further advance.
Final break above daily cloud would open 1.3300 zone (upper 20-d Bollinger band / trendline resistance) which guards key s/t barriers at 1.3320/37 (01 Nov / 13 Oct peaks).
Eventual break above cloud top would open way towards key s/t barriers at 1.3320/37 (01 Nov / 13 Oct peaks), with stronger bullish acceleration capable of travelling towards 1.3415 (Fibo 61.8% of 1.3655/1.3026).
Daily cloud base marks key support at 1.3214 which is expected to ideally hold, with extended dips to be contained at 1.3180 zone, to keep near-term bulls in play.
Res: 1.3266; 1.3291; 1.3309; 1.3320
Sup: 1.3232; 1.3214; 1.3180; 1.3128