GBPUSD: Remains very choppy and is probably best left alone right now
|GBPUSD: 1.4188
Sterling had a choppy session, falling to 1.4121 after EU officials rejected the City of London’s Brexit blueprint for banks before rallying strongly into the London month-end fix, reaching 1.4213 and then ending the day at 1.4190.
1 hour/4 hour indicators: Turning higher
Daily Indicators: Up – Possible topping formation.
Weekly Indicators: Up
Preferred Strategy: Cable remains very choppy and is probably best left alone right now. It would seem to be roughly in a range of 1.4000/1.4300 so look to trade that, or possibly 1.4100/1.4250, with a tight 50 point stop placed either side.
| Resistance | Support | ||
| 1.4300 | Minor | 1.4122 | Session low |
| 1.4287 | 26 Jan high | 1.4090 | 200 HMA |
| 1.4232 | Session high | 1.4035 | (23.6% of 1.3039/1.4344) |
| 1.4200 | Minor | 1.4000 | Minor |
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