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 | ||
| 1.3520 | 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
Author
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.
