Technical Outlook GBPUSD 07.09.2017

Technical Outlook GBPUSD 07.09.2017

GBPUSD – bulls are struggling to break above key daily cloud top / Fibo 61.8% barrier

Cable is remains firm following strong rally on Tuesday but struggling to break above key barriers, daily cloud top and Fibo 61.8% of 1.3268/1.2773 descend at 1.3080 zone.
Yesterday’s action peaked at 1.3081 but failed to sustain gains, leaving daily candle with long upper shadow and failing to close above daily cloud.
Close above cloud top / Fibo barrier is needed to strengthen existing bulls for further extension of bull-leg from 1.2773 (24 Aug trough).
The pair may show further hesitation at 1.3080 zone pivots, with supports at 1.3020/00 zone expected to hold and keep bulls in play.
UK housing data showed upbeat results in August which would be supportive for pound.

Res: 1.3060; 1.3081; 1.3100; 1.3151
Sup: 1.3020; 1.3000; 1.2967; 1.2957