GBPUSD FX Charts Outlook

By | November 14, 2016
GBPUSD: 1.2595
Resistance Support
1.2820 (61.8% of 1.3445/1.1821) 1.2500 Minor
1.2770 Minor 1.2450 Minor
1.2700 55 WMA 1.2425 100 HMA
1.2670 Minor 1.2400 (23.6% of 1821/1.2556)
1.2640 Minor 1.2300 Rising trend support

Bias

Sterling outperformed again on Friday, by heading up to 1.2673 as shorts were covered, before giving up some of the gains to finish the week at 1.2600. The 4 hour/daily momentum indicators still seem to hint at higher levels ahead, so buying dips towards 1.2500 would seem to be a plan, with little technical resistance beyond Friday’s high until we see 1.2800. Some heavyweight UK data is due midweek, so some consolidation ahead of that would not really surprise.

24 Hour: Mildly bullish – Prefer to buy dips

Medium Term:  Mildly bullish

Economic data highlights will include:

M:

T: CPI, PPI, RPI

W: Unemployment

T: Retail Sales

F:

Meta Trader
GBPUSD: 4 Hour

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