GBPUSD: Mildly Bullish

GBPUSD: 1.2974

Cable has seen a choppy session either side of 1.3000 although it was not helped today by the soft UK data and remains not too far above the day’s lows, albeit in a relatively tight range (1.2950/1.3014)

The medium term outlook remains unchanged given that  the daily momentum indicators still look heavy, and below the session  low would head towards 1.2925, below which could easily head back towards 1.2850, and possibly to the 100 DMA at 1.2825 although this looks unlikely today.

The 4 hour momentum indicators actually look very mildly constructive, and on the topside, back above Wednesday’s high of 1.3027 could revisit the 8 Aug  high at 1.3052  and then on to 1.3070, above which look for a run back towards 1.3100

Preferred Strategy: Still prefer to sell rallies for the medium term downtrend although the intraday charts hint that we may see a short term squeeze to the topside. All up, stay square until the US session.

24 Hour: Mildly Bullish   Medium Term: Prefer to sell rallies  
Resistance   Support  
1.3110 (50% of 1.3266/1.2952) 1.2951 Session low/8 Aug  low
1.3072 (38.2% of 1.3266/1.2952) 1.2927 (50% of 1.2588/1.3267)
1.3052 8 Aug  high 1.2900 Minor
1.3025/27 (23.6% of 1.3266/1.2952)  /9 Aug high 1.2875 Minor
1.3014 Session high 1.2847 (61.8% of 1.2588/1.3267)

 

GBPUSD

 

Interested in GBPUSD technicals? Check out the key levels

    1. R3 1.3078
    2. R2 1.3048
    3. R1 1.3012
  1. PP 1.2982
    1. S1 1.2946
    2. S2 1.2916
    3. S3 1.2880

 

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