FxWirePro- Major Pair levels and bias summary 
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FxWirePro- Major Pair levels and bias summary 
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FxWirePro- Major Crypto levels and bias summary 
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FxWirePro- Major Crypto levels and bias summary 
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FxWirePro- Woodies pivot (Major) 
Cable prices have continued to consolidate after pushing to 1.29 areas but now, mild overbought pressures are seen.
Technically, bulls have managed to breakout the stiff resistances decisively, the current price spikes above 7 & 21-DMAs. Upon the breakout of stiff resistances at 1.2650 and 1.2818 levels, GBPUSD is showing renewed bullishness signalled by trend as well as the momentum indicators (refer daily chart).
Both leading (RSI & stochastic curves) show upward convergence to the ongoing rallies to indicate the intensified buying momentum.
To substantiate this bullish stance, the lagging oscillators (7 & 21-DMAs and MACD) are in line with prevailing upswing.
Any pullbacks are expected to remain corrective at this stage, with 1.2810 intra-day support. A decline through there would be a warning sign of a broader turnaround, while we should see another push towards the next main resistance area lying in the 1.30-1.3060 region (ascending channel). That ahead of the more important medium-term resistance zone from 1.33 region. We are still biased for prices to remain in a range under that region for now.
On a broader perspective, we remain biased that the bear cycle from the 2007 and 2014 highs completed with a major ‘double-bottom’ in the 1.15-1.14 region.
Trade tips: On trading perspective, contemplating above technical rationale at this juncture, it is advisable to execute one-touch call options strategy with upper strikes at 1.30 levels, thereby, one can fetch certain yields as long as the underlying spot FX keeps rising on the expiration.
Alternatively, on hedging grounds we advocated shorting futures contracts of mid-month tenors, we wish to uphold the same strategy as the underlying spot FX likely to target southwards below 1.23 levels in the medium run (spot reference: 1.2929 levels). Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.
