GBPUSD: Buy @ 1.3800. SL @ 1.3760, TP @ 1.3990
|GBPUSD: 1.3892
Sterling has had another volatile session but is ending the day higher, both against the dollar and in the crosses, on some positive Brexit speculation. The latest leg in Sterling’s rally has been underpinned by the approval of the Brexit bill in the House of Commons. The bill aims to incorporate European Law into British Law to ensure a smooth transition.
1 hour/4 hour indicators: Turning higher
Daily Indicators: Up
Weekly Indicators: Up
Preferred Strategy: The momentum indicators generally look positive but Cable remains volatile so caution is warranted. Buying dips seems to be the theme though, with a SL placed back below 1.3800. UK Retail Sales are due today (exp -0.6%mm, +3%yy)
Buy GbpUsd @ 1.3800. SL @ 1.3760, TP @ 1.3990
| Resistance | Support | ||
| 1.4050 | Minor | 1.3870 | Minor |
| 1.4000 | Psychological | 1.3850 | Minor |
| 1.3975 | Minor | 1.3825 | Minor |
| 1.3942 | 17 Jan high | 1.3805 | Session low |
| 1.3913 | Session high | 1.3756 | 17 Jan low |
Economic data highlights will include:
UK Retail Sales
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.