Even hawkish Bank of England meeting minutes have done little to support Cable as an intraday bounce has quickly been swatted away by the bears. The selling pressure shows little sign of letting up now as the technical indicators remain very weak. The April low of $1.6552 is now under immediate threat, but it is unlikely to prove much of a match for the bears as Cable continues towards the March low at $1.6459. The momentum indicators are deeply negative with RSI, MACD and Stochastics all in bearish configuration. The RSI is now the lowest it has been since March 2013 and this may induce a very near term bounce. However the reaction highs are moving ever further away from the 5 week downtrend as the bulls lose faith ever sooner. There is minor resistance at $1.6600, but the main near term resistance is in the band $1.6654 to $1.6700.
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