GBP/USD: the hourly chart shows initial support at $1.3030 [Video]

GBP/USD

Once more we have seen an attempted recovery on sterling falter. This has been a feature on Cable in recent weeks where recoveries from the medium term support band $1.2900/$1.3000, which have left key lows at $1.2950 and $1.2960 in the last two weeks, have just been unable to get ahead. After Friday’s negative candle once more turned the bulls backwards, there is a mild negative bias forming that could once more see Cable being dragged back into $1.2900/$1.3000. There is little real direction to go on, as the RSI is effectively now just oscillating tightly around 50, MACD lines have flattened at neutral. Only the Stochastics which are again crossing lower today give a signal, with a slight bear bias. Resistance has been left of Friday’s high at $1.3170, whilst the hourly chart shows a near term pivot around $1.3090 forming. The hourly chart shows initial support at $1.3030. We are still focused on Cable finding support around $1.2900/$1.3000 over a medium term basis, but again there is  lack of real direction.