Richard Perry
Independent Analyst
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.
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