GBPUSD: Buy @ 1.3800. SL @ 1.3760, TP @ 1.3990

Jim Langlands FX Charts

GBPUSD: 1.3892

Sterling has had another volatile session but is ending the day higher, both against the dollar and in the crosses, on some positive Brexit speculation. The latest leg in Sterling’s rally has been underpinned by the approval of the Brexit bill in the House of Commons. The bill aims to incorporate European Law into British Law to ensure a smooth transition.

1 hour/4 hour indicators: Turning higher

Daily Indicators: Up

Weekly Indicators: Up

Preferred Strategy: The momentum indicators generally look positive but Cable remains volatile so caution is warranted. Buying dips seems to be the theme though, with a SL placed back below 1.3800. UK Retail Sales are due today (exp -0.6%mm, +3%yy)

Buy GbpUsd @ 1.3800. SL @ 1.3760, TP @ 1.3990

Resistance		Support
1.4050	Minor	1.3870	Minor
1.4000	Psychological	1.3850	Minor
1.3975	Minor	1.3825	Minor
1.3942	17 Jan high	1.3805	Session low
1.3913	Session high	1.3756	17 Jan low

Economic data highlights will include:

UK Retail Sales

Author

Jim Langlands

FX Charts

Jim Langlands began his trading career in the commodities markets in London in 1976, before moving to Australia in 1979 to work as a floor trader on the Sydney Futures Exchange.

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