Richard Perry
Independent Analyst
As the euro has become a range play, sterling just keeps on falling. The outlook for Cable remains incredibly weak and the series of bearish candlesticks on the daily chart just will not let up. The drift lower since last week has gradually been slowing, however the support at $1.5590 is coming under serious threat once more and even on the hourly intraday chart the momentum indicators do not give the bulls much hope. There has been another lower high at $1.5680 that has been left from yesterday’s peak which becomes the immediate resistance, whilst $1.5735 is also now key near term. Rallies continue to be sold into and the sellers remain firmly in control. A breach of $1.5590 would open the August 2013 low at $1.5426.
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