GBPUSD Analysis: Cable Faces Strong Resistance at 1.3434
In the early hours of Monday trading, GBPUSD, commonly referred to as Cable, has shown a slight upward trend as it pressures the pivotal barrier at 1.3350. This level is significant as it represents the 61.8% Fibonacci retracement of the recent pullback from 1.3423 to 1.3232, as well as the previous recovery peak recorded on April 24. Traders are now focusing on the dynamics around this key level, contemplating whether GBPUSD can achieve further gains. Market participants remain vigilant, as technical indicators suggest that the currency pair might continue to encounter headwinds near important resistance levels, impacting trading strategies moving forward.