GBPUSD: Prefer to buy dips

Jim Langlands FX Charts

GBP/USD: 1.2475

Despite an early dip to 1.2340, Cable has been one-way traffic since the strong UK CPI data release, so far reaching 1.2493, after having broken some important resistant levels along the way and looking as though a firmer test of 1.2500 is a matter of time.

The session high managed to take out the major descending trend resistance, and in closing above it, it would seem that Cable is now capable of a squeeze towards the February highs of 1.2570/82, beyond which could see a rapid run towards 1.2600 and even to 1.2700. The dailies still look mildly positive and buying dips still seems to be the plan. On the downside, minor support will be seen at 1.2440 and then at the minor Fibo levels of the run-up from the recent 1.2108 lows, beginning at 1.2400. Buying dips still seems to be the plan with a SL placed under 1.2400, while looking for a run towards 1.2575.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2691
2. R2 1.2593
3. R1 1.2536
PP 1.2438
1. S1 1.2381
2. S2 1.2283
3. S3 1.2226

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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