Predictably a similar story to EUR/USD but as is the case with cable of old, more susceptible to wilder moves. We’re pushing towards the lower channel trend line currently at 1.5272 with the 200 H4 ma just below at 15166. Up above the 55 and 100 ma’s did nothing to contain last weeks moves but they may well provide short term resistance while we remain in quiet mode.
Support below at 1.5200 kept us contained overnight and again the market doesn’t want to commit to a direction. Barring any news bombs the main focus for cable will be the GDP figures released Thursday and they could give us the break either way.
