GBPUSD – daily cloud top is under strong pressure; strong bullish signal expected on break
Cable remains firm and extends bull-leg from 1.3071, testing key near-term barriers at 1.3261/66 (daily cloud top / Fibo 38.2% of 1.3655/1.3026 descend), on fresh acceleration higher on Tuesday.
Resistances were cracked on Monday’s spike to 1.3279, but bulls failed to sustain break higher and closed well below barriers.
Firm bullish setup on lower timeframes favors further upside, however, daily studies are lacking momentum and slow stochastic is overbought which may result in stronger hesitation at 1.3161/66 pivots.
Daily cloud base marks key near-term support and should contain dips to keep bullish bias in play.
Eventual break above cloud top would open way towards key s/t barriers at 1.3320/37 (01 Nov / 13 Oct peaks).
Res: 1.3266; 1.3279; 1.3309; 1.3320
Sup: 1.3246; 1.3214; 1.3180; 1.3125