GBPUSD: Neutral

Jim Langlands FX Charts

GBP/USD: 1.2437

Sterling lost ground in Asian trade, falling to 1.2376 as the signing of Article 50 approached, ahead of a bounce back to current levels, where it has since chopped around for the balance of the session, with no-one really quite sure what to make of it all.

A neutral stance is now required, with the momentum indicators all looking rather mixed. The dailies are flat although the 4 hour charts do suggest the chance of another run back to 1.2400 and possibly to the 1.2376 session low. Below that, minor Fibo levels lie at 1.2300 and at 1.2230, and these come ahead of the flash-crash rising trend line, currently at 1.2110. On the topside, resistance will be seen at minor levels ahead of 1.2600, although this currently looks unlikely to be seen. Stand aside and let the market do the work for a while.

24 Hour: Neutral		Medium Term: Neutral
Resistance		Support
1.2615	27 Mar high	1.2400	(38.2% of 1.2108/1.2615)
1.2595	28 Mar high	1.2376	Session low
1.2540	Minor	1.2363	(50% of 1.2108/1.2615)
1.2500	Minor	1.2335	20 Mar low
1.2475	Minor	1.2300	(61.8% of 1.2108/1.2615)

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2582
2. R2 1.2529
3. R1 1.2482
PP 1.2429
1. S1 1.2382
2. S2 1.2329
3. S3 1.2282

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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