GBPUSD: Neutral

Jim Langlands FX Charts

GBPUSD: 1.3121

Preferred Strategy: Sterling opened lower and traded heavily, down to a low of 1.3061; on the back of the Sunday Times article suggesting that a vote of no confidence in UK PM Theresa May is not too far away.

It has since recovered 1.3100, and with the momentum indicators still in neutral a cautious stance is required. Further choppy trade near current levels would not really surprise although CPI is due today and may cause some volatility.

On the topside, resistance will be seen at 1.3135 and at 1.3180/85, where a chart gap now needs to be filled. Back above 1.3200 would find good offers at around 1.3230 although I don’t see it up here today unless the CPI is very strong.

On the downside, support will be seen at 1.3060 ahead of 1.3025 and then at 1.3000.

Neutral.

24 Hour: Neutral		Medium Term: Neutral
FX Charts Position:	Flat
Resistance		Support
1.3228	10 Nov high	1.3100	Minor
1.3215	(61.8% of 1.3320/1.3042)	1.3085/80	100 DMA
1.3200	Minor	1.3060	Session low
1.3180/85	Session high / Chart Gap	1.3026	6 Oct low
1.3135	200 HMA/100 HMA	1.3000	Psychological

Economic data highlights will include:

UK CPI, PPI, RPI (Oct)

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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