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GBPUSD: Having reached a brief high of 1.3430

GBPUSD: 1.3336
Having reached a brief high of 1.3430 in early Europe, Sterling has moved steadily lower through the rest of the session, to a low of 1.3330, as those holding long positions lighten up ahead of the EU Summit, BOE MPC meeting and a slew of UK econ data, beginning today with the CPI, PPI, RPI.

1 hour/4 hour indicators: Turning lower

Daily Indicators: Turning lower
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 in the medium for Sterling, with Brexit headlines likely to guide the direction although today will see the important UK CPI (exp 0.2% mm, 3.1% yy)  ,ahead of the FOMC Meeting (Wed) and the BOE Meeting (Thur).
I would remain neutral for the time being and possibly look to play a range of 1.3250/1.3430 although the momentum indicators suggest that the bias will remain to the downside.

Resistance Support 
1.35208 Dec high1.3330Session low
1.3430Session high1.33197 Dec low
1.3417Weekly cloud top1.3295(50% of 1.3038/1.3549)
1.3400Minor1.3280Minor
1.3375Minor1.3250

Minor

Economic data highlights will include:

CPI, PPI, RPI

GBPUSD

Interested in GBPUSD technicals? Check out the key levels

    1. R3 1.3505
    2. R2 1.3469
    3. R1 1.3403
  1. PP 1.3367
    1. S1 1.3302
    2. S2 1.3265
    3. S3 1.32

Author

Jim Langlands

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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