GBPUSD extends post NFP recovery; looks for bullish signal on strong Friday’s close
Cable accelerated strongly higher after US jobs data and hit one-week high on eventual break above 10SMA (1.4077) and probe through psychological 1.4100 barrier (also 50% retracement of 1.4243/1.3965 descend.
Strong bounce from 30SMA (1.3979) which repeatedly contained downside attempts, along with daily cloud top, is on track to form bullish outside day (which sees minimum requirement on close above 10SMA) and generate strong bullish signal for extension of recovery leg from 1.3965 (05 Apr low).
Bullish scenario would look for extension towards next pivot at 1.4137 (Fibo 61.8%), break of which would open way towards key barrier at 1.4244.
Broken 20SMA (1.4044) is expected to contain stronger downticks and keep fresh bulls alive.
Res: 1.4105; 1.4137; 1.4178; 1.4200
Sup: 1.4077; 1.4044; 1.4000; 1.3979