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
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