Richard Perry
Independent Analyst
I am still concerned by the underperformance of sterling in the recent days and the fact that Cable has once more found resistance at around $1.5000 (the fifth time in six sessions) again bolsters the fact that the sterling bulls are unable to get any real foothold in a recovery. The daily momentum indicators that have unwound from oversold have shown little indication that this rebound is anything more than a chance to sell again. Interestingly also the falling 21 day moving average (today at $1.5000) which had previously acted as a very good gauge for Cable, once more has capped the upside. The hourly chart shows consistent pressure on the support around $1.4825. A slight breach yesterday could not complete the breakdown, but with the recovery uptrend broken and hourly moving averages beginning to turn lower the chance of a clean break are mounting. A decisive breach would suggest that a move towards the lows around $1.4700 would be on. I see rallies now as a chance to sell.
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