GBPUSD: 1.2961
Preferred Strategy: Neutral. Cable was choppy on Monday, finishing slightly lower and would seem set to remain that way on Tuesday, again possibly using 1.3000 as a pivot although I still prefer to sell rallies for the medium term downtrend. Watch out for the UK CPI (exp 2.5% mm, 2.7% yy), PPI and RPI which will provide the day’s direction, if a long way from expectations.
| 24 Hour: Neutral | Medium Term: Prefer to sell rallies | ||
| Resistance | Support | ||
| 1.3102 | (50% of 1.3266/1.2938) | 1.2955 | Session low |
| 1.3064 | (38.2% of 1.3266/1.2938) /200 HMA | 1.2938 | Friday low |
| 1.3052 | 8 Aug high | 1.2927 | (50% of 1.2588/1.3267) |
| 1.3021 | Session high | 1.2900 | Minor |
| 1.3000 | Pivot | 1.2847 | (61.8% of 1.2588/1.3267) |
Economic data highlights will include:
UK CPI, PPI, RPI
Interested in GBPUSD technicals? Check out the key levels
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