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GBPUSD: Extension above 1.30 Barrier Pressures 200SMA Pivot

Cable is comfortable above 1.30 barrier that was eventually taken out today after last week’s double rejection and subsequent corrective dip. Improved sentiment on announced Brexit amendments (which still need to be passed) inflated pound today for advance through psychological 1.30 resistance. Bullish setup of daily techs adds to positive near-term outlook as bulls approach next strong barrier at 1.3082 (200SMA / Fibo 76.4% 1.3297/1.2397 fall, where rally is expected to face headwinds and may enter consolidation before continuing. Daily slow stochastic is cracking the boundary of overbought zone and supports scenario. Broken Fibo 61.8% barrier (1.2953) should ideally contain corrective dips. Today’s close above 1.30 barrier would generate bullish signal, while close above 200SMA is needed to confirm and expose target at 1.3174 (7 Nov high).

Res: 1.3082; 1.3149; 1.3174; 1.3257
Sup: 1.3000; 1.2953; 1.2894; 1.2866

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