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 | ||
| 1.3520 | 8 Dec high | 1.3330 | Session low |
| 1.3430 | Session high | 1.3319 | 7 Dec low |
| 1.3417 | Weekly cloud top | 1.3295 | (50% of 1.3038/1.3549) |
| 1.3400 | Minor | 1.3280 | Minor |
| 1.3375 | Minor | 1.3250 |
Minor |
Economic data highlights will include:
CPI, PPI, RPI
Interested in GBPUSD technicals? Check out the key levels
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