GBPUSD: Neutral

Jim Langlands FX Charts

GBPUSD: 1.2847

Cable has been choppy and rangebound on Wednesday (1.2804/1.2862), with the momentum indicators seemingly suggesting that we can expect more of the same for Thursday.

As we said before, while more of the same looks likely in the short term, the daily charts do appear to be building a bull flag formation, and a break of the 1.2905 trend high could see a quick move to 1.3000 and possibly higher to where the longer term trend resistance currently lies at around 1.3135. On the downside, support will be seen at the session low, below which would signal a return to 1.2720 and lower although this seems unlikely today. Buying dips is preferred, looking for another test of 1.2900 and eventually higher.

24 Hour: Neutral		Medium Term: Mildly bullish
Resistance		Support
1.2985	55 WMA	1.2804	Session low
1.2950	Minor	1.2774/71	25 Apr low/24 Apr low
1.2905	18 Apr high	1.2717	(23.6% of 1.2108/1.2905)
1.2880	Minor	1.2670	Minor
1.2863	Session high	1.2650	Minor

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2932
2. R2 1.2898
3. R1 1.2873
PP 1.2839
1. S1 1.2813
2. S2 1.2779
3. S3 1.2754

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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