Sterling looks like its recent up trend may be fading. Long gone are hopes of an interest rate hike in the near future while a rate hike in the US seems only a matter of when. Yesterday Unemployment count for the UK was expected at less 8.8k and instead actually added 7k claims. That is a considerably large unexpected number and positive claims change has not been seen for more than a year. Looking at the day chart yesterday’s candle and today’s close below the 28.6% retracement line looks like there will be more downward pressure for the cable in the coming days. I see the next support on the 38.2% retracement line at 1.54084 which also coincides with support from the Ichimoku cloud.

You must be logged in to reply to this topic.