GBPUSD: 1.2418
Sterling is slightly firmer today, underpinned by some buying in the cross (EurGbp) after the release of the French election poll
Technically, the momentum indicators remain flat. On the downside, below the session low of 1.2365 could see Cable head towards 1.2335 and then to the minor Fibo levels which lie at 1.2300 and at 1.2230 although this is some way off. Further out, if Sterling does see an acceleration to the downside, we could see a run towards the rising trend support line from the October, flash-crash low, currently at 1.2110 – still some way off, but the base of a large triangle formation seen on the daily charts. On the topside, minor resistance will be seen at the day’s high of 1.2428 and then at 1.2450 and at the 7 Apr high of 1.2477 although this seems unlikely to be seen today. If wrong, further gains could see a run back towards 1.2500/05 and then on 1.2555. As before, standing aside and letting the market do the work seems prudent while the Brexit confusion persists. The CPI will be in focus today (exp 0.3% mm, 2.3% yy).
| 24 Hour: Neutral | Medium Term: Neutral | ||
| Resistance | Support | ||
| 1.2557 | 31 Mar high | 1.2365 | Session low |
| 1.2505 | 6 Mar high | 1.2363 | (50% of 1.2108/1.2615) |
| 1.2477 | 7 Apr high | 1.2338 | 20 Mar low |
| 1.2455 | 200 HMA | 1.2300 | (61.8% of 1.2108/1.2615) |
| 1.2428 | Session high | 1.2227 | (76.4% of 1.2108/1.2615) |
Economic data highlights will include:
CPI, PPI, RPI
Interested in GBPUSD technicals? Check out the key levels
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