GBPUSD: Neutral
|GBPUSD: 1.3148
Preferred Strategy: Sterling has had another choppy session, weighed down by the usual Brexit/Political problems in the UK, but is, so far, holding on to the important rising trend support.
The momentum indicators remain in neutral, so a cautious stance is required and further choppy trade near current levels would not really surprise although a break of the session/8 Nov low of 1.3085 would then allow a move to the previous lows at around 1.3030 and then to 1.3000.
On the topside, minor resistance will be seen here, at 1.3150 (200 HMA), and again at 1.3175. Above here looks unlikely, but if wrong, look for a move back to 1.3200+, possibly towards 1.3225/50.
Watch out today for the Manufacturing/Industrial Production and the Goods Trade Balance which will produce some volatility.
| 24 Hour: Neutral | Medium Term: Neutral | ||
| FX Charts Position: | Flat | ||
| Resistance | Support | ||
| 1.3250 | (76.4% of 1.3320/1.3042) | 1.3125 | 200 HMA |
| 1.3235 | Minor | 1.3085/80 | Session low /8 Nov low/100 DMA |
| 1.3215 | (61.8% of 1.3320/1.3042) | 1.3060 | Rising trend support |
| 1.3175/80 | 8 Nov high /(50% of 1.3320/1.3042) | 1.3026 | 6 Oct low |
| 1.3165 | Session high | 1.1.2995 | (61.8% of 1.2588/1.3656) |
Economic data highlights will include:
UK Goods Trade Balance, Manufacturing/Industrial Production
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