Sterling headed higher again on Tuesday, reaching 1.3599 closing on its highs, with traders eying a possible early BOE rate hike on the back of rising inflation. The UK Construction PMI is due today.
With the momentum indicators looking positive, a move above 1.1.3600 would open 1.3650, above which there is little to stop it heading on to 1.3780.
1 hour/4 hour indicators: Up.
Daily Indicators: Turning higher
Weekly Indicators: Turning higher?
Preferred Strategy: The short term momentum indicators are mixed but the dailies look constructive so, as with the Euro, buying dips currently seems to be the plan while keeping a tight stop in place.
Buy GbpUsd @ 1.3560. SL @ 1.3490, TP @ 1.3650
|1.3656||20 Sept high||1.3500||Minor|
|1.3599||Session high||1.3465||(23.6% of 1.3038/1.3599)|
Economic data highlights will include:
W: UK Construction PMI
Interested in GBPUSD technicals? Check out the key levels
- R3 1.3733
- R2 1.3667
- R1 1.3632
- PP 1.3566
- S1 1.3531
- S2 1.3465
- S3 1.343
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