GBPUSD – directionless ahead of UK data
Cable is treading water in early Thursday after previous day’s action ended in Doji candle, showing indecision at key 1.3214 barrier (daily cloud base).
Repeated rejections at cloud base and close below converged 20/30SMA’s (1.3170 zone) suggest upside attempts might be running out of steam.
Mixed studies on daily chart do not provide clear direction signal.
Rising 10SMA (1.3146) offers immediate support, guarding lower pivot at 1.3116 (100SMA) loss of which would expose the base of broader range (1.3026/1.3337).
Conversely, penetration of daily cloud and eventual break above would generate bullish signal and open range tops for test.
UK retail sales data are in focus today with positive forecasts (Oct 0.1% vs Sep -0.8% / Core 0.1% vs -0.7%) expected to boost pound on release at / above forecasted numbers.
Res: 1.3187; 1.3214; 1.3285; 1.3298
Sup: 1.3146; 1.3116; 1.3072; 1.3061