Cable approacing 200-day moving average

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Cable is flirting with the 100-day moving average and in danger of falling below the 200-day moving average, for the first time since Aug 20.

Sizable bids rest from the session low of 1.5858 down to 1.5850, ahead of the 200dma. Below I peg the next level of technical support at 1.5800/03 which is the 61.8% retracement of the rally since August.

In the near term, an option expiry at 1.5900 at the 1500 GMT cut could spark a small bounce.

Author: Adam Button

Adam Button is the managing editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.

3 Comments

  1. Hi Adam :) Now this is going to effect the cable Huh ? .. Former Labour MP Margaret Moran ruled by a jury to have fiddled her expenses claims to receive more than £53,000 – PA, @SkyNews

  2. GBPUSD confirm break 1.5800. It is either this week or next week. My target price for GBPUSD is 1.5500.

  3. £53000 isn’t going to effect cable but they should toss her out for sure.

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