Cable falls below 1.3800 as pound struggles to find a footing

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD eases below 1.3800 as the pound slips on the session

There isn't much headlines driving the move but the technicals at least indicate some room to play around with at the current range for cable.

GBP/USD H1 07-09
Price had fallen below the 100-hour moving average (red line) earlier @ 1.3822 and that opened up the path towards testing 1.3800 with further support now seen at the 200-hour moving average (blue line) @ 1.3783.

The pound had already struggled yesterday in quiet trading and it looks like that sentiment is carrying over despite some marginally hawkish remarks by BOE's Saunders earlier here; though they were not anything that we haven't heard of before.

Looking elsewhere across the board, the dollar is also keeping firmer against commodity currencies with AUD/USD pressured near 0.7400 and USD/CAD up 0.3% to 1.2580 as oil prices are weighed lower by over 1% to $68.40 on the session.

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