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Sterling Eyes UK Spending Review

GBP

GBP/USD has been rangebound ahead of today's UK spending review, with Cll'r Sunak set to announce GBP4.3bn in funding to bring the unemployed back to work. Cable trades at $1.3360, little changed on the day. Bulls see Nov 23/Sep 2 highs of $1.3398/1.3403 as their initial targets and a move through those levels would open up Sep 1 high of $1.3482, also a bull trigger. Bears keep an eye on Nov 23 low of $1.3264 and a dip through that figure would expose Nov 19 low of $1.3196.

  • GBP/JPY sits at Y139.57, 5 pips better off. A rally above Nov 11 high/76.4% recovery of the Sep 1 - 22 slide at Y140.30/44 would give bulls some fresh momentum. Bears need a retreat under Nov 19 low of Y137.20 to get some reprieve.
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