Cable falls to session low with thin trading still prevailing

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD falls to a low of 1.3247 on the day


The pair is now testing bids at the 1.3250 level, and a hourly candle break below that should lend support for a move towards Friday's low at 1.3212.

Sellers are still in control of the pair after the ECB's decision dragged down the euro - and inadvertently dragged down the pound as well - on Thursday, with the pair falling below the 100 and 200-hour moving averages. The upside in the near-term looks to be held back by the 1.3300 level so that will be the first area for buyers to break above in order to make an attempt back to the topside.

Anyway, there isn't any catalyst for the move that I can see but in general there are light flows with EUR/USD also falling to 1.1580 currently. The market looks really thin right now with little action all around across the board.

It's been a quiet start to the day/week, and so far there isn't any clear themes developing just yet. Let's see if things will pick up once the cash equity market opens in Europe in a couple of minutes.

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