GBPUSD has some decent support down around 1.3800

The 55 DMA is at 1.3820, It was marking the low but we’ve just had a look under to 1.3817. We’ve also got some good support down at 1.3800-1.3795.

GBPUSD H4 chart

GBPUSD H4 chart

Under there we have further support around 1.3750/50.

Today’s trading is a bit messy. There’s USD strength in the face of falling bond yields, oil’s having a minor wobble, which is hitting commod pairs (of which GBP is one), and we’re also seeing yen strength. There’s been no real driver behind all this so it all looks a bit of a headless chicken market.

I’ll keep an eye on the 1.3800 level with a view for a big figure long scalp. Other than that, the descending trendline looks interesting too but I’m still not ready to go heavy in the pound with the Brexit risk and upcoming EU summit.

Ryan Littlestone

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

Read how Ryan got into trading here
Ryan Littlestone

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