GBPUSD: Neutral
|GBPUSD: 1.3076
Preferred Strategy: Cable spiked to 1.3132 following Friday’s US Jobs data but finished the week back at 1.3075, struggling to hold on to the 8 month rising trend support at 1.3060.
The short term momentum indicators now look mixed although the dailies are beginning to look slightly heavy, and a break of Friday’s low of 1.3038 would allow for a run towards 1.3025 and then 1.2995/3000, which should be strong but below which could see 1.2980 and lower.
On the topside, resistance will be seen at 1.3100 and at Friday’s high. I doubt that we head back above here on Monday, but if wrong, look for a move towards 1.3150 and 1.3180. Stay square for now.
| 24 Hour: Neutral | Medium Term: Neutral | ||
| FX Charts Position: | Flat | ||
| Resistance | Support | ||
| 1.3180 | (50% of 1.3320/1.3042) | 1.3060 | Rising trend support |
| 1.3148 | (38.2% of 1.3320/1.3042) | 1.3038 | Friday low |
| 1.3132 | Friday high | 1.3026 | 6 Oct low |
| 1.3100 | Minor | 1.2996 | (61.8% of 1.2588/1.3656) |
| 1.3080 | 100 DMA | 1.2984 | (76.4% of 1.2777/1.3656) |
Economic data highlights will include:
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F: UK Goods Trade Balance, Manufacturing/Industrial Production
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