GBPUSD – no clear direction on mixed daily studies; US data eyed
Cable ticked higher on Friday, in attempts to extend recovery rally from the previous day, driven by weaker dollar, but limited upside seen so far.
Bulls are lacking strength for stronger advance, holding in the middle of two-week 1.3457/1.3612 range.
Daily studies show MA’s in bullish setup but RSI and Momentum in sideways mode and offsetting bullish signals.
Recent upside attempts were so far limited by 4-hr cloud top (currently at 1.3552, also Fibo 61.8% of 1.3612/1.3457), firm break of which would generate fresh bullish signal and shift near-term focus higher.
Otherwise, increasing downside risk could be expected on repeated rejections here and return below 10 SMA (1.3540).
The pair is awaiting releases of US data today for fresh direction signals.
Res: 1.3564; 1.3585; 1.3612; 1.3655
Sup: 1.3540; 1.3517; 1.3481; 1.3457