Richard Perry
Independent Analyst
GBP/USD
Breaking a three week corrective downtrend has the potential to be a bull move for Cable, but this will require a breach of a lower high to really shift the technical emphasis. However, for now, this is yet to be seen. The strong payrolls report has restricted Cable’s recovery and the fact that the resistance at $1.2540 remains intact could prove to be an important near term development. Losing over 60 pips into the close, will be a disappointment for the bulls, and bolsters resistance now $1.2530/$1.2540. It comes as daily RSI again begins to falter around the 50 mark (which effectively retains a near term negative bias). Without US traders, today, this could be a muted session for Cable. However, the hourly chart shows a support around $1.2450 which the bulls will be keen to defend, whilst below $1.2400 again would suggest that a more corrective bias was once more taking control.
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