GBPUSD: 1.3470
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.
| Resistance | Support | ||
| 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) |
| 1.3484 | Session high | 1.3280 | Minor |
Economic data highlights will include:
Manufacturing/Industrial Production, Trade Balance, NIESR GDP Estimate
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