GBPUSD: Fell to a 1-wk low at 1.3358

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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