GBP/USD: Cable will struggle to overcome $1.3000 [Video]
|GBP/USD
Cable is another market that has spent much of this week lacking conviction. The run higher has again struggled as the resistance of the top of the range has loomed. A band between $1.2975/$1.3010 is restrictive to gains now. The last two sessions reflect an indecisive market, where intraday moves have retraced to close almost flat on the day. Technically there is a mild positive bias to medium term momentum (on the daily chart) which is the legacy of the huge run higher of October. However, on the hourly chart we see more of ranging characteristics now with RSI oscillating between 30/70 whilst MACD lines waver around neutral. There is initial support holding at $1.2885 effectively leaving the market in a mini consolidation range of around 100 pips. We feel Cable will struggle to overcome $1.3000 on a sustainable basis and feel that rallies will fade for the continuation of this range between $1.2765/$1.3010.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.