Richard Perry
Independent Analyst
GBP/USD
The US dollar has had a strong run in recent days, but it is interesting to see that it has had little real impact on Cable. A very mild negative drift has been seen, but technically this is a very contained move. Momentum indicators are settling a shade above their neutral points and whilst support of this week’s low at $1.3050 holds intact, there is little that is impacting the chart from a negative standpoint. A mild uptrend of the past couple of weeks is creaking this morning and is likely to be broken, however, this is a period of consolidation more than anything. The 23.6% Fibonacci retracement around $1.3200 is a basis of resistance. We are still buyers into weakness on Cable and see the support band $1.2900/$1.3000 as increasingly key on a medium term basis.
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