After a quick dip to 1.3319, Cable rallied strongly on the positive Brexit headlines regarding the Irish border, and if further progress is made then we may see a test of 1.3550 or even 1.3650.
1 hour/4 hour indicators: Up
Daily Indicators: Turning higher?
Cable fell to a 1-wk low at 1.3358 amid Brexit uncertainty, ending NY 1.3375
Weekly Indicators: Turning higher?
Preferred Strategy: It looks set to remain choppy for Sterling, with Brexit headlines likely to guide the direction, although right now it all looks quite positive so I prefer to trade from the long side, particularly in the crosses, i.e. long GbpAud, short EurGbp. Watch for the UK data later today…it could be a busy session for Cable.
|1.3595||22 Sept high||1.3430||Minor|
|1.3549||1 Dec high||1.3380||Minor|
|1.3538||4 Dec high||1.3319||Session low|
|1.3500||Minor||1.3295||(50% of 1.3038/1.3549)|
Economic data highlights will include:
Manufacturing/Industrial Production, Trade Balance, NIESR GDP Estimate
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