GBPUSD: 1.3148
Preferred Strategy: Sterling has had another choppy session, weighed down by the usual Brexit/Political problems in the UK, but is, so far, holding on to the important rising trend support.
The momentum indicators remain in neutral, so a cautious stance is required and further choppy trade near current levels would not really surprise although a break of the session/8 Nov low of 1.3085 would then allow a move to the previous lows at around 1.3030 and then to 1.3000.
On the topside, minor resistance will be seen here, at 1.3150 (200 HMA), and again at 1.3175. Above here looks unlikely, but if wrong, look for a move back to 1.3200+, possibly towards 1.3225/50.
Watch out today for the Manufacturing/Industrial Production and the Goods Trade Balance which will produce some volatility.
| 24 Hour: Neutral | Medium Term: Neutral | ||
| FX Charts Position: | Flat | ||
| Resistance | Support | ||
| 1.3250 | (76.4% of 1.3320/1.3042) | 1.3125 | 200 HMA |
| 1.3235 | Minor | 1.3085/80 | Session low /8 Nov low/100 DMA |
| 1.3215 | (61.8% of 1.3320/1.3042) | 1.3060 | Rising trend support |
| 1.3175/80 | 8 Nov high /(50% of 1.3320/1.3042) | 1.3026 | 6 Oct low |
| 1.3165 | Session high | 1.1.2995 | (61.8% of 1.2588/1.3656) |
Economic data highlights will include:
UK Goods Trade Balance, Manufacturing/Industrial Production
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.
Recommended Content
Editors’ Picks
EUR/USD holds gains above 1.0700, as key US data loom
EUR/USD holds gains above 1.0700 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.