GBPUSD: Buy @ 1.3820. SL @ 1.3780, TP @ 1.3990

Jim Langlands FX Charts

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

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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