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|
|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
- R3 1.3191
- R2 1.3120
- R1 1.3030
- PP 1.2959
- S1 1.2869
- S2 1.2799
- S3 1.2708
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