GBPUSD: Neutral

Jim Langlands FX Charts

GBPUSD: 1.3166

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
Resistance		Support
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:

UK Unemployment

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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