Cable fell to a 1 week low of 1.3358 amid Brexit uncertainty, ending the US session at 1.3375 and looking mixed heading into Thursday
1 hour/4 hour indicators: Mixed
Daily Indicators: Possible topping formation.
Cable fell to a 1-wk low at 1.3358 amid
Brexit uncertainty, ending NY 1.3375
Weekly Indicators: Turning higher?
Preferred Strategy: It looks set to remain choppy for Sterling, with Brexit headlines likely to guide the direction. A neutral stance is required although further dollar strength would seem to point to slightly lower levels for Cable, where targets would be at 1.3350 and then at 1.3300. In the meantime, stand aside.
|1.3538||4 Dec high||1.3357||Session low|
|1.3500||Minor||1.3352||(38.2% of 1.3038/1.3549)|
|1.3480||5 Dec high||1.3325||Minor|
|1.3443||Session high||1.3295||(50% of 1.3038/1.3549)|
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