Cable is ticking higher in early European trade, presently at 1.6505. The pairing has seen a decent recovery from an overnight 1.6448 low, the beach ball effect still very much in evidence (ever tried pushing a beachball under water, just keeps bouncing right on back.)
The move higher comes despite UK Rightmove June house price data showing a -0.4% m/m contraction and -5.5% y/y fall. It was the first month on month fall in 5 months.
I just don’t trust the recent bounce in UK house prices and I find it hard to get overly bullish cable at present levels.
Tecnical support 1.6445/50 and 1.6430, resistance 1.6510 and 1.6560.
