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GBP/USD Outlook: Bulls Pause after Strong Rally, Awaiting UK PMI Data for Fresh Signals

Cable eases after three-day rally which repeatedly failed under pivotal Fibo barrier at 1.3158 (61.8% of 1.3284/1.2954).

Wednesday’s 0.7% advance marks the biggest one-day rally since 31 Dec, fueled by better than expected data (CBI index rose the highest in nearly six-years, with current easing seen as corrective action on overbought stochastic, as near-term action is underpinned by daily MA’s in bullish setup and rising momentum entering positive territory.

Corrective dips should find ground above converging 30/20DMA’s (1.3090/80 respectively and in attempt to form bull-cross) in order to keep bulls in play for renewed probe through 1.3158 and attack at next significant barrier – daily cloud top (1.3199).

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Traders turn their focus to UK PMI data, due on Friday, which could provide fresh boost to sterling and reduce risk of BoE rate cut if releases beat forecasts.

Res: 1.3158; 1.3199; 1.3206; 1.3265
Sup: 1.3118; 1.3090; 1.3080; 1.3051