GBPUSD: 1.3851

Sterling has had another seesaw ride after the miss by the December UK Retail Sales on Friday (-1.5%mm v exp of -0.6%, +1.4%yy v exp of +3%), and after reaching a new post Brexit high of 1.3944, it then fell sharply, to 1.3838 before making a partial recovery into the week’s NY close.

1 hour/4 hour indicators: Mixed. –Turning lower? Daily Indicators: Up Weekly Indicators:  Up

Preferred Strategy:  The 4 hour momentum indicators are now turning lower, while the longer term carts still generally look positive, but Cable remains volatile so caution is warranted. Buying dips seems to be the theme still, but, with a relatively tight SL placed back below 1.3800.

Buy GbpUsd @ 1.3800. SL @ 1.3760, TP @ 1.3940

Resistance   Support  
1.4000 Psychological 1.3850 Minor
1.3975 Minor 1.3838 Friday low
1.3942/44 17 Jan high/Friday high 1.3825 Minor
1.3913 18 Jan high 1.3805 18 Jan low
1.3885 Minor 1.3756 17 Jan low

 

Economic data highlights will include:

M:

T:

W:  UK Unemployment

T:

F:

GBPUSD

 

Interested in GBPUSD technicals? Check out the key levels

    1. R3 1.4035
    2. R2 1.3991
    3. R1 1.3927
  1. PP 1.3883
    1. S1 1.3819
    2. S2 1.3775
    3. S3 1.3711

 

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