GBPUSD: 1.3018
Preferred 24-hour Strategy: Neutral
Cable traded a tight 1.3010/52 range on Wednesday leaving the outlook unchanged.
The momentum indicators are a mixed again on Thursday and a cautious stance is required. Still sitting close to the previous pivot of 1.3045, we could chop around here today, at least until the ECB Meeting when EurGbp will drive any directional move. The UK Retail Sales are also due and will create some waves.
On the downside, the session low of 1.3010 and the 18 July low of 1.3004 will provide the initial support, but a break of 1.3000 could have us quickly back 1.2980, below whish could then head to the 14 July’s low of 1.2933 although this seems unlikely today.
On the topside, back above 1.3100 would see good sellers once again at 1.3115/25, but above which there is little to stop Cable heading on towards 1.3200 and then to 1.3280. Above there would be increasingly bullish, possibly opening up the major Fibo pivot at 1.3420 (50% pivot of 1.5017/1.1821) although this currently remains over the horizon.
| 24 Hour Outlook: Neutral | Medium Term: Prefer to buy dips | ||
| Resistance | Support | ||
| 1.3200 | Minor | 1.3004 | 18 July low |
| 1.3150 | Minor | 1.2980 | Minor |
| 1.3125 | 18 July high | 1.2950 | 200 HMA |
| 1.3100 | Minor | 1.2920 | (38.2% of 1.2589/1.3125) |
| 1.3052 | Session high | 1.2900 | Minor |
Economic data highlights will include:
Retail Sales
Interested in GBPUSD technicals? Check out the key levels
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