Richard Perry
Independent Analyst
GBP/USD
Cable is becoming a market that has lost its conviction. We discussed previously about the small bodies of the candlesticks making for an indecisive market. This was shown once more on Friday with a doji candlestick, whilst early moves today continue to reflect a market lacking any conviction. Momentum indicators have flattened, with the RSI and MACD around their neutral points adding to the increasingly neutralised market. We continue to see resistance at the old $1.2380 pivot, with support now initially at $1.2270 above the $1.2205 low. Traders are keeping their powder dry for now. Watch for newsflow on Brexit this week, in addition to the trade dispute to be key catalysts.
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