Cable made a new 2018 low today, reaching 1.3487 ahead of a bounce to finish the day at 1.3405.
1 hour/4 hour indicators: Neutral
Daily Indicators: Possible basing formation.
Weekly Indicators: Turning lower
Preferred Strategy: The short term momentum indicators look mixed and a neutral stance is required on Wednesday. Although Cable is likely to remain under pressure against the dollar, it is currently outperforming on the crosses and this looks set to continue today.
The longer term Sterling charts still look heavy, and below today’s base at 1.3450 would allow a run to the and the major Fibo level at 1.3400
If Cable does manage a squeeze higher, near term resistance will again be seen at the 200 DMA at 1.3550 and to the session high of 1.3571 ahead of 1.3600/10.
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