Richard Perry
Independent Analyst
A very slight degree of support has come in overnight around $1.6210 as Cable has looked to begin the European session in positive vein. However with the downtrend being re-asserted over the past few days there is much that needs to be done for the bulls to be in control. The previous support around $1.6280 is now the first basis of resistance and needs to be overcome, however the main intraday resistance comes with key lower high at $1.6340. With these two levels intact we must be viewing any recoveries as a chance to sell as the daily chart shows the momentum indicators with renewed downside potential and the likelihood of a retreat to test the low at $1.6160 in due course.
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