Richard Perry
Independent Analyst
Cable continues to consolidate and is going through a rather quiet phase pf trading. The rate is currently trading in a 150 pip band between $1.5588 and $1.5736 and showing little indication of which way it will break. With trends and moving averages all negative, the daily momentum indicators all remain in bearish configuration and suggest that the next break will once more be to the downside. The intraday hourly chart suggests an increasingly neutral picture with little steer from a flat series of hourly moving averages and neutral looking hourly momentum indicators. The last three days has seen a floor in the price at $1.5630, whilst yesterday’s high at $1.5715 is also a barrier. A breach of either of these levels could be a precursor to a range break.
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