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Cable turns lower to support area and recovers

Market Analysis
2017-01-31_10-28-51

GBPUSD, H1             

The 1 hour cable chart is capped at 1.2520 with support at the 200 period MA at 1.2485 and the 4 hour overnight low at 1.2468.  Currently the pair is pivoting around 1.2500 and a rally over 1.2520 could see the 1.2532-40 zone the next target. The 1.2520 are looks like a strong resistance area and SHORT positions could be consider from here if a break of the area is not decisive. The 20 period MA is also around the psychological 1.2500 level.  The parabolic SAR is negative,  the short term MACD is negative and the RSI remains neutral to negative at 48.

 

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Stuart Cowell

Senior Market Analyst

HotForex

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