GBPUSD: Remains very choppy and is probably best left alone right now

Jim Langlands FX Charts

GBPUSD: 1.4188

Sterling had a choppy session, falling to 1.4121 after EU officials rejected the City of London’s Brexit blueprint for banks before rallying strongly into the London month-end fix, reaching 1.4213 and then ending the day at 1.4190.

1 hour/4 hour indicators: Turning higher

Daily Indicators: Up – Possible topping formation.

Weekly Indicators: Up

Preferred Strategy: Cable remains very choppy and is probably best left alone right now. It would seem to be roughly in a range of 1.4000/1.4300 so look to trade that, or possibly 1.4100/1.4250, with a tight 50 point stop placed either side.

Resistance		Support
1.4300	Minor	1.4122	Session low
1.4287	26 Jan high	1.4090	200 HMA
1.4232	Session high	1.4035	(23.6% of 1.3039/1.4344)
1.4200	Minor	1.4000	Minor

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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