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) |
Interested in GBPUSD technicals? Check out the key levels
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.