Cable’s stance remains neutral in the near term, according to Senior Technical Analyst at Commerzbank Axel Rudolph.
“Sterling based at 1.2110 and reached the 1.2423/32 resistance zone, made up of the January 5 high and the two month resistance line. Further up the seven month resistance line can be seen at 1.2478. This we expect to cap today. Above it sits the 1.2581 February 9th high”.
“Only above the 1.2705 February high would allow for further strength to the 1.2776 December high to be seen. Between it and 1.2836 lie several Fibonacci retracements and major resistance and we suspect that it will fail there”.
“The recent low at 1.2110 is considered to be the last defence for the 1.1988 January low and the bottom of the 5 month range at 1.1919”.
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