Richard Perry
Independent Analyst
GBP/USD
It has been a well-trodden road for Cable. A rebound for a handful of sessions, before a retracement sets in. Neither the bulls nor the bears can seem to retain control for longer than a week or so. And so, the recent rebound has turned lower at $1.3070 and started to form negative candles again. A retreat back below $1.2990 has re-opened the near term pivot band of support $1.2940/$1.2960 as the hourly chart indicators begin to take on more of a corrective outlook again. It is important to stress that this just continues to play out within a medium term consolidation outlook on Cable, where the RSI is oscillating between 40/60. However, having failed at $1.3070 resistance there is a mildly negative bias to MACD and Stochastics. So the bulls will be wary of how $1.2940 is treated as support, because a failure opens $1.2870 once more.
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