GBPUSD breaks down through support to hit 1.3199

The quid has been soggy since the CPI data and three BOE MPC members haven’t helped its case.

We’ve just broken intraday support at an old S&R level at 1.3220/25 and slammed into the 55 H4MA that sits right on the big figure.

GBPUSD H4 chart 17 10 2017

GBPUSD H4 chart 17 10 2017

There were bids at 1.3225 and those were taken out, with stops run down to 1.321. As I type, we’ve seen another dall down to 1.3199.

Carney is still waffling and is talking Brexit and is sounding a warning to the EU by saying a ‘no-deal would leave the EU short of financial services in the short-term. That’s a key point thay May might want to bring up.

Back to the pound, and if we break under 1.3200, we’ll be eyeing up last week’s lows around 1.3120/25. We’re likely to see support ahead of that around 1.3170/75 and 1.3150. 1.3220/25 is probably building resistance from this move lower.

 

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

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Ryan Littlestone

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