GBPUSD extends recovery from 1.4010 higher base; eyes UK Manufacturing data for fresh signal
Cable extends recovery on Tuesday and pressures pivotal barrier at 1.4099 (10SMA / Fibo 38.2% of 1.4243/1.4010 bear-leg), looking for stronger bullish signal on break.
Near-term bulls are regaining traction after pullback from 1.4243 double-top was contained by the top of thick daily cloud (reinforced by rising 20SMA) at 1.4010 zone, where a higher base is forming.
Overall bullish picture on daily chart remains supportive as slow stochastic is reversing from oversold territory and momentum is turning higher above the midline, sending positive signals.
Fresh bullish acceleration needs to clearly break above 1.4099, to generate stronger bullish signal for further recovery, which could extend towards next strong barrier at 1.4154 (Fibo 61.8% / top of 4-hr cloud).
Release of UK Manufacturing PMI data is key event for sterling today (Mar f/c 54.8 vs 55.2 in Feb) and could slow recovery on weaker than expected release.
Res: 1.4099; 1.4126; 1.4154; 1.4188
Sup: 1.4066; 1.4040; 1.4010; 1.3987