Richard Perry
Independent Analyst
GBP/USD
The rolling over on Cable has again seen another retreat which is again eyeing the support band $1.2900/$1.3000 that has been a consistent basis of a floor in the past eight weeks. Three negative candles in a row have added a near term negative bias but as yet, the outlook has not turned too negative, yet. Essentially, Cable has a mild bear bias within a medium term holding pattern. The lows and support come in between $1.2900/$1.3000, but the bull moves are failing (at lower levels) between $1.3170/$1.3285. Momentum indicators are broadly neutrally configured, with a slight bear skew, with the RSI still hovering between 40/55 whilst MACD lines hover around neutral. The near term bias is lower and would grow below $1.3030 and then open $1.2950/$1.2960. Resistance initially at $1.3100. This holding pattern could easily continue in front of the Bank of England on Thursday.
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