GBP/USD Outlook: Bearish Near-Term Bias But Key Supports Still Intact

Technical analysis of Forex market

Cable is trading around 1.32 handle in early US trading on Monday, following bearish acceleration that probed below 1.32 support (session low at 1.3180). Recovery attempts stalled and formed hourly lower platform at 1.3250 zone, with bears attempting to extend pullback from 1.3349 high. Stronger greenback across the board weighs, with traders taking profit and repositioning for fresh upside after fears of no-deal Brexit faded, improving the sentiment. While pivotal supports at 1.3151/29 (10 SMA / Fibo 38.2% of 1.2772/1.3349) holds, dip-buying would remain preferred scenario. Otherwise, deeper correction could be expected on sustained break lower.

Res: 1.3250; 1.3286; 1.3319; 1.3349
Sup: 1.3172; 1.3151; 1.3129; 1.3061

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