Cable still caught in the middle, what are the levels to look out for today?

Technical Analysis

Author: Justin Low | gbpusd

GBP/USD continues to bounce around between key hourly moving averages

GBP/USD H1 13-11
ForexLive
There's a slight hint of softness in cable in the past hour but in terms of overall price action, the move still leaves a lot to be desired.

Trading this week has seen price bounce around between key hourly moving averages and that continues to define price action in the pair currently.

It's all about election sentiment and so far there hasn't been much to shift the dial in that regard over the past few days.

As such, cable continues to mainly sit in limbo caught between the 100-hour MA (red line) and the 200-hour MA (blue line). Near-term bias remains more neutral for now.

In terms of short-term moves, buyers and sellers will look to push and pull to try and seize control on either side of a break of the levels above.

However, I don't see price running away from the 1.27 to 1.30 range as long as election sentiment continues to stay the way it is at the moment. So, that's the sort of range I'd anticipate to play around on either side of a break of the near-term levels.

Looking ahead today, there will be UK CPI data to come but I won't expect that to have a significant impact on price action.

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