Buyers fail at a move to get back above the hourly moving averages

The move in the latest hour fails near the 100-hour MA (red line) @ 1.3526 and we're seeing price fall back lower towards support at 1.3500. That indicates that sellers are still in control of near-term direction in the pair, but the consolidation near the lower end of the 1.3450 to 1.3600 range continues for cable.

Beyond 1.3500, further support and bids are seen at 1.3450-60 so that will provide an area for buyers to lean on should we head lower later today.

As for sellers, the hourly moving averages are good areas to define and limit risk for near-term play with added resistance levels at 1.3570 and 1.3600 also being areas where sellers can lean on.

There isn't much in terms of data to drive the pair today, so there's only the possible risk of Brexit headlines that could potentially surprise. Otherwise, it'll be all about the flow today and those levels mentioned will be ones where you can plan your trade around.


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