GBPUSD eases after strong rally on Monday, weighed by soft UK data
Cable eases from session high at 1.3177 on Tuesday but remains tall following Monday’s strong acceleration higher.
Gains were repeatedly capped by 10SMA today / Monday, with the pair coming under pressure from downbeat UK data.
Mixed signals from daily chart see no clear direction, as the pair hesitates ahead of plethora of barriers at 1.3190 (20/55SMA forming bear-cross) and 1.3214 (daily cloud base).
Sustained break here is needed to signal fresh upside and expose key barriers at 1.3320 zone (tops of near-term congestion).
On the downside, rising 100SMA marks first pivot at 1.3091, loss of which would expose key supports at 1.3038/26 (lows of 03 Nov / 06 Oct).
Stronger direction signal could be expected on break out of current 1.3026/1.3320 congestion.
With no further releases from the UK scheduled today, focus will turn towards EU/UK divorce negotiations, due later this week.
Res: 1.3177; 1.3191; 1.3214; 1.3278
Sup: 1.3141; 1.3091; 1.3038; 1.3026