Richard Perry
Independent Analyst
Move has though meant that Cable is the latest in a line of forex majors that are breaking/have broken key trends that have been depicting dollar strength, and in the case of Cable it is a 5 month downtrend. However there is a key resistance at $1.5825 which remains intact and for now the sequence of lower highs continues. Looking on the intraday hourly chart, there is still a feeling that this remains a range trade for now. Once more the hourly RSI has moved from below 30 to above 70, and once more with resistance formed at $1.5785 (around the range high) the rate has sold off. The RSI is once more pulling back towards 50 as Cable dips back again, whilst hourly moving averages remains neutral. Play the range today. Once more though the FOMC is likely to have a big impact on Cable, with the range high at $1.5825 being resistance and the range low at $1.5540 (and $1.5600 an interim support).
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