This pair is moving sideways but looks like that we’ll have a bearish movement. The price has tried to go higher but we have an important resistance at 1.5193, the price has tested this area, but was unable to jump above this obstacle. The rate can decrease again from this level with target somewhere at 1.5097 or lower at 1.5076. If the price will fall below these support levels, the next target will be at 1,5033.
We also have another scenario if the price will grow and take out the resistance area, so if the rate will jump above 1.5193 and we’ll have a consolidation there, we can go long on this pair with target at 1.5273 or higher at the 23.6% retracement level. I want to remind you that this pair is still bearish and that the US Dollar is very strong, the buck can grow further.
Thanks for this; cable is an interesting one for sure. Consumer price inflation report today down to 0.6% and a fall in the producer prices as well as lower energy costs work in. gbp/usd still recovered though as there was a lack of dollar buying today. There is some risks in the forthcoming months with an election looming. If we see a break below 1.50 that would set the marker on the downside.
The price had another attempt to break the resistance, if the US economic data will be as expected (negative), the price will grow to reach the 23.6% level.Today we also have the BOE Gov Carney Speaks, maybe we’ll have some volatility in the market.