Richard Perry
Independent Analyst
In comparison to the euro, Cable has been in consolidation mode now for the past five days. A range of around 130 pips has contained trading in the past week and there is little real direction being obtained from the daily chart. The momentum indicators are fairly stable although there is a slight negative drift on the Stochastics. I see this as playing out a near term correction which is unwinding some of the bull run of early June. For now though the intraday hourly chart is showing a similar outlook to the daily, with rangebound consolidation and little real sign of direction. Support comes in at $1.5665, although with resistance still forming below the $1.5800 neckline I still see this as likely to be a consolidation within a near term corrective move. A close below $1.5665 would continue the move, and I am anticipating the next key low to come in above the key support at $1.5450.
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