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
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