GBP/USD

The outlook for Cable has become rather uncertain in the past couple of weeks. Breaking down below 1.3000 lost the bulls their control. However, the support subsequently formed at 1.2670 suggested that there was no decisive drive to turn Cable bearish yet though. As the market has fluctuated between 1.2670/1.3000 we see a neutralised outlook. Failure to hold back above 1.2860 in the last two sessions leaves the market in balance. Improving momentum signals are just beginning to tail off again as Cable has ticked lower today. The hourly chart shows initial support at 1.2820 and a move back under opens 1.2775 initially, but would then develop into 1.2670 again. With so much politics to swing both sterling and the dollar in the coming weeks, now wonder the outlook for Cable is looking so uncertain. Initial resistance at 1.2900/1.2925.

GBPUSD

 

 

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