Cable Daily Forecast 181016

Pound was strong during Asia ahead of the data releases coming out of the UK later this morning.

Today’s tier 2 and 3 data releases
1. CPI (MoM) (Sep)
2. CPI (YoY) (Sep)
3. PPI Input (MoM) (Sep)

Technical Analysis

GBPUSD H4

Price just above the 21 EMA though having failed to have made a higher high at the time of writing this report. Resistance is identified in the highlighted red area just above MS3.

GBPUSD H1

Support is identified in the fib zone drawn from yesterday's swing low to the most recent swing high. Resistance is identified in the fib zone drawn from the most recent swing high to price at market.