GBPUSD – repeated failures to regain 1.3600 handle turn near-term focus lower
Cable holds in red at the beginning of the week and moves lower after repeated failure to regain 1.3600 handle.
The pair hit session high at 1.3585 in early Asian trading (ticks above Thu/Fri rally’s peak at 1.3581) before starting to ease.
Overall picture remains bullish and would keep immediate focus at the upside while current congestion stays above key supports at 1.3490/83 (last week’s low / rising 10SMA).
Rising 4-hr cloud (spanned between 1.3480 and 1.3465) also underpins the action and sustained break here would generate negative signal for deeper pullback towards next strong support at 1.3420 (Fibo 61.8% of 1.3301/1.3612).
Bullish scenario requires firm break above 1.3600 zone to expose key barrier at 1.3655 (20 Sep high) the highest point of post-Brexit recovery rally.
Res: 1.3585; 1.3600; 1.3612; 1.3655
Sup: 1.3522; 1.3493; 1.3483; 1.3457