GBPUSD: Neutral

Jim Langlands FX Charts

GBP/USD: 1.2459

Cable fell back into the middle of its recent range on Friday as traders squared up long positions ahead of the weekend, not being helped by heavy selling of GbpJpy

The short term momentum indicators now point a little lower and it appears likely that Cable will remain heavy, with a chance to test 1.2400, below which would head back below the 55/100 DMAs and the chance to revisit the 7 Feb low of 1.2346. On the topside, resistance will be seen at 1.2500, which might be tricky to overcome today, although if wrong we could then head back towards Friday’s high of 1.2570, which will remain strong resistance.

24 Hour: Neutral		Medium Term: Neutral
Resistance		Support
1.2582	7 Feb high	1.2447	Friday low
1.2569/70	Friday high /(61.8% of 1.2700/1.2346)	1.2427	23 Feb low
1.2535	Minor	1.2410/01	100 DMA /21 Feb low
1.2500	Minor	1.2382	15 Feb low
1.2480	100 HMA	1.2346	7 Feb low

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2733
2. R2 1.2648
3. R1 1.2599
PP 1.2513
1. S1 1.2464
2. S2 1.2378
3. S3 1.2329

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.

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