GBP/USD tech levels 18 April
Thanks Mike and good morning everyone. Adam’s drafted me in as an extra pair of hands as we could have some fun and games over the G20 meeting. As Mike mentioned I’ll be focusing on the tech side with some additional scribblings as we go. Any questions please fire away.
My view on the current markets is that they are lacking clear direction and trend. We seem to be in a state of flux. The rout in cable through the beginning of the year finally hit a wall and we’ve gradually moved higher but it’s been a slow affair. Through most of March and April we’ve been in a 400 odd pip range and contained within an upward channel. We’ve also been capped just shy of the 38.2 fib level from the Jan/Mar hi/lo at 1.5422 ( year high so far at 1.5410). We also have some strong resistance in the 1.5420/30 area. Below we have 38.2 fib level from the Mar/Apr lo/hi at 1.5189 and the lower channel line at 1.5150.
On the MA’s, we’re knocking about the Daily 55 ma at current levels and the 100 & 200 ms’a are out of sight at 1.5625 and 1.5762 respectively.
On the 4 hour chart we are hogging the 100 ma at around 1.5245 with the 55 ma above at 1.5315 and the 200 ma below at 1.5155.
With retail sales in mind, any major variation from the expected figure should be contained within strong resistance at 1.5325/35 above and 1.5150/55 orders/tech below.
