GBPUSD – larger bulls likely to take a breather before resuming

Cable eases from new highest levels since March 2022 on Monday, suggesting that bulls may take breather after 3.6% advance in past two weeks and strong bullish acceleration last Friday (almost 1% daily gain).

Strongly overbought daily studies prompt traders to collect profit, though correction is likely to be limited as the uptrend is strong.

Higher base at 1.3080 marks initial support, where extended dips should be contained by solid supports at 1.3000 zone (38.2% of 1.2664/1.3229 / 10DMA / psychological) and mark a healthy correction, before fresh push higher and potential attack at 1.3328 (Fibo 76.4% of 1.4249/1.0348).

Res: 1.3229; 1.3279; 1.3300; 1.3328
Sup: 1.3129; 1.3044; 1.3000; 1.2947