GBPUSD: Having reached a brief high of 1.3430
|GBPUSD: 1.3336
Having reached a brief high of 1.3430 in early Europe, Sterling has moved steadily lower through the rest of the session, to a low of 1.3330, as those holding long positions lighten up ahead of the EU Summit, BOE MPC meeting and a slew of UK econ data, beginning today with the CPI, PPI, RPI.
1 hour/4 hour indicators: Turning lower
Daily Indicators: Turning lower
Cable fell to a 1-wk low at 1.3358 amid Brexit uncertainty, ending NY 1.3375
Weekly Indicators: Turning higher?
Preferred Strategy: It looks set to remain choppy in the medium for Sterling, with Brexit headlines likely to guide the direction although today will see the important UK CPI (exp 0.2% mm, 3.1% yy) ,ahead of the FOMC Meeting (Wed) and the BOE Meeting (Thur).
I would remain neutral for the time being and possibly look to play a range of 1.3250/1.3430 although the momentum indicators suggest that the bias will remain to the downside.
Resistance | Support | ||
1.3520 | 8 Dec high | 1.3330 | Session low |
1.3430 | Session high | 1.3319 | 7 Dec low |
1.3417 | Weekly cloud top | 1.3295 | (50% of 1.3038/1.3549) |
1.3400 | Minor | 1.3280 | Minor |
1.3375 | Minor | 1.3250 |
Minor |
Economic data highlights will include:
CPI, PPI, RPI
Interested in GBPUSD technicals? Check out the key levels
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.