Technical Outlook GBPUSD 29.08.2017

Technical Outlook GBPUSD 29.08.2017

Cable extends gains after break above daily cloud

Cable extends gains after yesterday’s rally and close above daily cloud that generated strong bullish signal. Fresh acceleration higher on Tuesday tested next barrier at 1.2962 (Fibo 38.2% of 1.3268/1.2773 descend) and could trigger further correction on sustained break.
Falling 30SMA (1.2990) and psychological 1.3000 barriers are next targets, followed by daily Kijun-sen (1.3020) and Fibo 61.8% at 1.3079.
Corrective easing could be anticipated as slow stochastic entered overbought territory.
Broken cloud top and 100SMA offer solid supports at 1.2912/1.2898 which should ideally contain dips.

Res: 1.2962; 1.2990; 1.3020; 1.3079
Sup: 1.2932; 1.2912; 1.2898; 1.2873