GBP/USD: Cable is consolidating the upside move but holding at bay any profit-taking [Video]
|GBP/USD
As with several of the dollar major pairs, consolidation has set in recently. Such is the weakness of the dollar in the past few weeks, that despite being significantly oversold, there is still little sustainable sign of a retracement. As such, Cable is consolidating the upside move but holding at bay any profit-taking. We now see something of an indecisive market developing, with three successive small-bodied candlesticks. An initial breach of 1.3000 did not hold and the market rebounded off 1.2980. Once more, this morning, we see the ranging continue as yesterday’s rebound begins to roll over. The hourly chart shows resistance developing around 1.3110 and near term ranging configuration developing on hourly signals (hourly RSI falling over around 60). A move below 1.3040 put pressure back on 1.2980/1.3000 whilst above 1.3110 opens a test of the 1.3170 resistance again.
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