GBPUSD – extended recovery pressures 1.3051 pivot

GBPUSD

Cable extends recovery on Monday and holding firm above 1.3000, with fresh acceleration higher hitting session high at 1.3045, just ahead of 1.3051 pivot (Fibo 61.8% 1.3125/1.2932 pullback / 19 July high).
Today’s rally is giving strong signals of reversal after pullback from 1.3125 peak found solid support at 1.2931 (just above Fibo 61.8% of 1.2811/1.3125 upleg), where strong downside rejection was seen.
Daily bulls remained intact after pullback and support further recovery which needs close above 1.3051 for confirmation.
Rising and widening 4-hr cloud continues to underpin the action and supports scenario.
UK GDP data on Wednesday are in focus for more signals.
Initial support lies at 1.3021 (4-hr cloud top), followed by psychological 1.3000 support and lower pivot at 1.2968 (4-hr cloud base / daily Tenkan-sen), loss of which would weaken near-term structure.

Res: 1.3051; 1.3080; 1.3100; 1.3125
Sup: 1.3021; 1.3000; 1.2968; 1.2931

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