Richard Perry
Independent Analyst
With traders back from their Easter break, the conviction threatened to return for the Cable bulls. For now, the resistance at $1.6841 remains intact, but the outlook remains positive and it should just be a matter of time before Sterling pushes to another multi month high. The intraday hourly chart shows all moving averages are rising and supportive, whilst momentum indicators are in bullish configuration. This suggests that corrections continue to be used as chances to buy. There is a good band of support that has formed from key lows of yesterday between $1.6783/$1.6799. However, there is still a small nagging feeling that this break to the upside needs to be seen soon, in order to prevent the bulls from tiring. The bulls failed yesterday 2 pips below the key $1.6841 level and will try again today. Failure again today may induce some near term concern over how strong these bulls actually are.
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