GBPUSD – fresh bullish acceleration looks for 1.3500+ extension
Cable hit two-week high at 1.3455, which also marks Fibo 61.8% retracement of 1.3549/1.3300 downleg, on fresh bullish acceleration in Asian / early European trading on Thursday.
Eventual break above week-long congestion tops at 1.3400 signaled fresh advance, confirming higher base at 1.3300 zone.
Pound received strong support from end-of-year dollar selling and looks for fresh bullish signal on close above 1.3455 Fibo barrier for extension towards psychological 1.3500 barrier and key near-term resistance at 1.3549 (01 Dec high).
Former pivotal barrier at 1.3400 zone (reinforced by broken 20SMA) is expected to keep the downside protected.
Res: 1.3500; 1.3520; 1.3549; 1.3570
Sup: 1.3429; 1.3400; 1.3387; 1.3367