Richard Perry
Independent Analyst
GBP/USD
The case for another rebound within the medium term range has been building for a number of days now. Yesterday saw the decisive move higher, back through all the resistance between $1.2940/$1.3000 and into a more neutral position once more within the range. Momentum indicators have swung back into more of a construction configuration for sterling and the next resistance at $1.3070 is being tested. If the Cable bulls can break through this initial barrier today then the outlook improves for a move back towards the old 23.6% Fibonacci retracement around $1.3200 again and the February high at $1.3215. The move has helped to re-assert our view that sterling does not want to go lower for very long. It may have been a political event to help the move yesterday (a change of UK Chancellor opens for potential fiscal loosening, which is seen as sterling positive), but the medium term outlook remains underpinned to buy Cable into weakness. Support at $1.2870 has firmed.
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