Preferred Strategy: Sterling fell to 1.3075 due to the UK October inflation data miss but then headed higher for most of the US session, riding on the back of the move in the Euro.
Overall, the momentum indicators are still in neutral so a cautious stance is required, and further choppy trade near current levels would not really surprise although the UK unemployment figures are due today and may cause some volatility.
On the topside, resistance will again be seen at 1.3180/85, while back above 1.3200 would find good offers at around 1.3230, beyond which could see a run back to 1.3250 and eventually to 1.3300.
On the downside, support will be now seen at 1.3115 ahead of the rising trend support/session low at 1.3075 and then at 1.3000 although I don’t think we head down here today.
I remain neutral, possibly very cautiously bullish.
|24 Hour: Neutral||Medium Term: Neutral|
|FX Charts Position:||Flat|
|1.3255||(76.4% of 1.3320/1.3042)||1.3140||Minor|
|1.3228||10 Nov high||1.3115||100 DMA /200 HMA|
|1.3215||(61.8% of 1.3320/1.3042)||1.3074||Session low /Rising trend support|
|1.3200||Minor||1.3060||13 Nov low|
|1.3186||Session high||1.3026||6 Oct low|
Economic data highlights will include:
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