GBP/USD – Bulls retest the 1.3200 level while monitoring UK data for additional cues

Cable remains firmly supported at the start of the week, extending its strong rally into a fifth straight session.

Bulls are once again testing the 1.3200 barrier — a level last breached with a brief, failed breakout on April 3 — though the pair may encounter renewed resistance around this area as daily indicators approach overbought territory. Traders are also likely to stay cautious ahead of key UK labor market data on Tuesday and the inflation report on Wednesday, both expected to offer fresh directional cues.

Should bulls manage a sustained break above 1.3200, the next upside targets are seen at 1.3434 (the September 26 high) and the psychological 1.3500 level.

On the downside, initial support stands at 1.3119 (the broken 76.4% Fibonacci retracement of the 1.3434–1.2099 drop), followed by 1.3061 (today’s low) and the key 1.3000 psychological handle.

Res: 1.3200; 1.3325; 1.3398; 1.3434
Sup: 1.3145; 1.3119; 1.3061; 1.3000