Technical Outlook GBPUSD 08.09.2017

Technical Outlook GBPUSD 08.09.2017

GBPUSD – extended wave C could travel to its FE 161.8% at 1.3193; broken cloud top offers solid support

 

Cable extends steep ascend into fourth straight day and met target at 1.3150 zone (double Fibonacci barrier consisting of Fibo 76.4% of 1.3268/1.2773 descend and FE 138.2% of the wave C from 1.2852 trough).
Strong pressure on the US dollar continues to underpin sterling. The price is currently riding on extended third wave of five-wave cycle from 1.2773 which could travel to its FE 161.8% at 1.3193 on sustained break above 1.3150 zone, where the pair is taking a breather.
Thursday’s strong rally that closed well above daily cloud was strong bullish signal, along with formation of daily Tenkan-sen/Kijun-sen bull-cross and multiple bull-crosses of daily MA’s.
The pair is also on track for strong bullish weekly close which supports bullish scenario.
Broken daily cloud top marks solid support at 1.3083 which should ideally contain corrective dips.

Res: 1.3150; 1.3164; 1.3193; 1.3224
Sup: 1.3100; 1.3083; 1.3032; 1.3000