Despite an early rebound this morning, Cable remains under corrective pressure. A slight realignment of what is now a two and a half week downtrend sees Cable still pulling lower within its medium term range (of $1.2075/$1.2810). The market has bounced initially off $1.2312m, but with momentum indicators still deteriorating, there is a sense that near term bounces will struggle to sustain traction. The near term trend sits around $1.2460 today, so there is a little room still for a rebound, but any failure under last week’s high of $1.2540 would add to a continued corrective outlook. The hourly chart shows initial resistance around $1.2450 as a building pivot area. Below $1.2312 opens $1.2160 once more and the medium term range lows.
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