GBPUSD: Neutral

Jim Langlands FX Charts

GBPUSD: 1.3076

Preferred Strategy: Cable spiked to 1.3132 following Friday’s US Jobs data but finished the week back at 1.3075, struggling to hold on to the 8 month rising trend support at 1.3060.

The short term momentum indicators now look mixed although the dailies are beginning to look slightly heavy, and a break of Friday’s low of 1.3038 would allow for a run towards 1.3025 and then 1.2995/3000, which should be strong but below which could see 1.2980 and lower.

On the topside, resistance will be seen at 1.3100 and at Friday’s high. I doubt that we head back above here on Monday, but if wrong, look for a move towards 1.3150 and 1.3180. Stay square for now.

24 Hour: Neutral		Medium Term: Neutral
FX Charts Position:	Flat
Resistance		Support
1.3180	(50% of 1.3320/1.3042)	1.3060	Rising trend support
1.3148	(38.2% of 1.3320/1.3042)	1.3038	Friday low
1.3132	Friday high	1.3026	6 Oct low
1.3100	Minor	1.2996	(61.8% of 1.2588/1.3656)
1.3080	100 DMA	1.2984	(76.4% of 1.2777/1.3656)

Economic data highlights will include:

F: UK Goods Trade Balance, Manufacturing/Industrial Production

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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