GBPUSD: Prefer to buy dips
|GBPUSD: 1.3119
Sterling has headed higher following the Fed decision and it has run into the good resistance at 1.3115/25, which may continue to cap it for a while, but above which there is little to stop it heading on towards 1.3200 and then to 1.3280. Above there would be increasingly bullish, possibly opening up the major Fibo pivot at 1.3420 (50% pivot of 1.5017/1.1821) although this currently remains over the horizon.
On the downside, minor support lies at 1.3080 and 1.3030 ahead of 1.3000. Below Monday’s low of 1.2983, unlikely for a while I suspect, could then see a return to last week’s low of 1.2933 which would find added support at the Fibo level at 1.2920.
Preferred Strategy: I prefer to buy dips, looking for a break of 1.3125, but with a SL placed below 1.2980.
| 24 Hour: Prefer to buy dips | Medium Term: Neutral | ||
| Resistance | Support | ||
| 1.3280 | 15 Sept 2016 high | 1.3080 | Minor |
| 1.3250 | Minor | 1.3030 | Minor |
| 1.3200 | Minor | 1.2998 | Session low |
| 1.3160 | Minor | 1.2983 | 24 July low |
| 1.3125/20 | 18 July high/Session high | 1.2952 | 21 July low |
Economic data highlights will include:
T: CBI Distributive Trade Survey – Realised
Interested in GBPUSD technicals? Check out the key levels
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