GBPUSD: 1.3854
Sterling headed up to a post Brexit high of 1.3942 on hopes/speculation of a 2nd Brexit referendum, but also assisted by the BoE’s Saunders less dovish rate outlook and less dour look at the UK economy. A late US$ rally has seen some of those gains evaporate, with Cable now at 1.3870.
1 hour/4 hour indicators: Turning higher
Daily Indicators: Up
Weekly Indicators: Up
Preferred Strategy: The momentum indicators generally look positive but Cable remains very headline driven so caution is warranted. Buying dips seems to be the theme though, with a SL placed back below 1.3800
Buy GbpUsd @ 1.3820. SL @ 1.3780, TP @ 1.3990
| Resistance | Support | ||
| 1.4100 | Minor | 1.3870 | Minor |
| 1.4050 | Minor | 1.3850 | Minor |
| 1.4000 | Psychological | 1.3825 | Minor |
| 1.3975 | Minor | 1.3785 | Minor |
| 1.3942 | Session high | 1.3756 | Session low |
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