There is still very much of a mixed feel to the outlook on Cable. For weeks now as the UK election campaign has been running, there have been swings higher and lower depending upon polling data and assessment of the various parties’ performances in certain debates. Essentially a trading range of around 250 pips between $1.2765/$1.3010 is in place. Momentum indicators have moderated back to a more neutral positioning, but still retain a positive bias. It points to the fact that forex markets anticipate a Conservative victory of some description. We continue to look to play this range of 250 pips until the election on 12th December. There is minor resistance at $1.2950 whilst building up further at $1.2975 where the range highs kick in. The support is initially with Friday’s low at $1.2875 whilst $1.2820 is far more considerable being multiple recent lows but also the 23.6% Fib retracement of the October rally. Hourly momentum is very much ranging too.
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