Richard Perry
Independent Analyst
GBP/USD
Thursday’s decisive decline was the latest in a line of deteriorating chart factors for Cable. Having broken 1.2980/1.3000 the market has rapidly retreated to the next key band of support between 1.2650/1.2810. Cable has lost its bullish outlook and is now in a medium term neutral zone. If support at 1.2650 is broken then a much deeper move lower can be expected. The bulls need to be careful as the near term drive lower may have stalled in the last couple of sessions but there is nothing that suggests renewed buying pressure around here. A near two week trend lower is around 1.2980 today and a move back into the 1.30s is needed to suggest the bulls are regaining control. The coming days will be crucial for the medium term outlook.
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