GBPUSD: Sterling headed higher again

GBPUSD: 1.3593

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

Resistance   Support  
1.3700 Minor 1.3550 Minor
1.3670 Minor 1.3520 Minor
1.3656 20 Sept high 1.3500 Minor
1.3620 Minor 1.3480 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

    1. R3 1.3733
    2. R2 1.3667
    3. R1 1.3632
  1. PP 1.3566
    1. S1 1.3531
    2. S2 1.3465
    3. S3 1.343


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