Richard Perry
Independent Analyst
Whilst I see a bullish bias to the euro, the same cannot be said for sterling which continues to be the disappointing performer of the forex majors since the FOMC. The consistent failure around $1.5000 resistance is now weighing on Cable with momentum indicators beginning to roll over and the prospects of a serious recovery taking hold diminishing. The intraday hourly chart shows the one week uptrend now having been breached and the outlook at best neutral. The support at $1.4825 held throughout yesterday’s trading but there is still a sense that this is under pressure. A breakdown of $1.4825 would imply a move back towards $1.4700. There is now minor near term resistance at $1.4953.
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