GBPUSD: Neutral

Jim Langlands FX Charts

GBPUSD: 1.2938

Cable spiked up to 1.3047 after the better than expected retail sales figures but then collapsed to a low of 1.1288 before a recovery, to finish the day at 1.2940.

The momentum indicators remain mixed and we may be in for further choppy trade in the coming session. Another break of 1.3000 would re-open the way to the 1.3047 high, above which would find strong offers at 1.3075 and then further out, to where the longer descending term trend resistance currently lies, at around 1.3135.

On the downside, 1.2890/00 will continue to act as support ahead of the 16 May low of 1.2865. Back below here could then see a move back to the 12 May low of 1.2844, to 1.2830 (4 May low) and possibly to 1.2800/10.

A neutral stance seems wise today.

24 Hour: Neutral		Medium Term: Neutral
Resistance		Support
1.3135	Descending trend resistance	1.2900	Minor
1.3075	(23.6% of 1.7191/1.1821)	1.2888	Session low
1.3047	Session high	1.2864	16 May low
1.3000	Weekly cloud base	1.2844	12 May low
1.2980	Minor	1.2830	4 May low/(23.6% of 1.2108/1.3047)

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3191
2. R2 1.3120
3. R1 1.3030
PP 1.2959
1. S1 1.2869
2. S2 1.2799
3. S3 1.2708

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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