GBPUSD: 1.3119
Sterling has headed higher following the Fed decision and it has run into the good resistance at 1.3115/25, which may continue to cap it for a while, but above which there is little to stop it heading on towards 1.3200 and then to 1.3280. Above there would be increasingly bullish, possibly opening up the major Fibo pivot at 1.3420 (50% pivot of 1.5017/1.1821) although this currently remains over the horizon.
On the downside, minor support lies at 1.3080 and 1.3030 ahead of 1.3000. Below Monday’s low of 1.2983, unlikely for a while I suspect, could then see a return to last week’s low of 1.2933 which would find added support at the Fibo level at 1.2920.
Preferred Strategy: I prefer to buy dips, looking for a break of 1.3125, but with a SL placed below 1.2980.
| 24 Hour: Prefer to buy dips | Medium Term: Neutral | ||
| Resistance | Support | ||
| 1.3280 | 15 Sept 2016 high | 1.3080 | Minor |
| 1.3250 | Minor | 1.3030 | Minor |
| 1.3200 | Minor | 1.2998 | Session low |
| 1.3160 | Minor | 1.2983 | 24 July low |
| 1.3125/20 | 18 July high/Session high | 1.2952 | 21 July low |
Economic data highlights will include:
T: CBI Distributive Trade Survey – Realised
Interested in GBPUSD technicals? Check out the key levels
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
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.