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
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