Cable effectively continues to range sideways.

FX:GBPUSD   British Pound / U.S. Dollar
In spite of a significant bout of dollar strengthening yesterday, Cable effectively continues to range sideways. There has been historic support at 1.3459 which was breached by a handful of pips (very similar to EUR/USD             ) only for the support to broadly hold. The market has since rebounded and the bulls are actually coming into this session in a reasonable position still. Yesterday’s bear candle clearly puts a negative bias into this 8 day range that is now 165 pips but if the bulls can survive yesterday’s sharp move then confidence will increase in the development of support. Clearly there is more that needs to be done in order for this to be considered a recovery though. The resistance at 1.3618 is sizeable and only a close above would convince the bulls were truly making ground. Momentum indicators have mellowed a touch but also still remain in negative configuration. The Daily chart indicators are ticking higher coming into the European session today but there is a minor pivot around 1.3530 that needs to be overcome if the buyers are to position for recovery today. Initial support at 1.3480.
Comment: The rebound candle formed in yesterday’s session may not have been the strong bull reaction that the buyers would have hoped for, but the market still posted a gain of almost 30 pips on the session and once more the support of the range low around 1.3450 remains intact. There is still a sense that sterling is holding up well in the face of a broadly strengthening dollar but as yet there is little real sign in isolation that Cable is ready to embark upon a sustained recovery. With the market now trading in a 165 pip sideways band between 1.3450/1.3615 for the past ten sessions the momentum indicators have plateaued, albeit in negative territory still. The daily chart also continues to reflect this almost entirely neutral near term configuration too, with moving averages flat and converged. Coming into today, initial resistance is 1.3570 from yesterday’s high, whilst 1.3470 is initial support. Until we see a closing breach of the 165 pip range it is difficult to call a breakout with any conviction, however the sterling bulls are holding on admirably.
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