GBP/USD: a negative drift is taking hold on Cable again [Video]
|GBP/USD
With the positive momentum of Monday’s spike higher (once more on UK political developments) now easing, a negative drift is taking hold on Cable again. This comes with the gradual retracement of the 800+ pip October rally. The 23.6% Fibonacci retracement (of $1.2193/$1.3012) around $1.2820 is again the pull on the market, however, this marks the top of a support band $1.2760/$1.2820 which we see as being tested now. Breaching 23.6% Fib opens 38.2% Fib at $1.2700. The resistance is building at $1.2900 as a lower high potential under $1.2975. The hourly chart shows a mild consolidation in the past couple of days but under $1.2815 would open the downside tests.
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