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Cable catches a bid and reverses BOE Move

Market Analysis

GBPUSD, H1

The UK economy has gone from top of G7 leaderboard to almost bottom, says Mark Carney ‘We have not done as well in the short term as we would have done if the vote had gone the other way,’Mr Carney said on Thursday – The Independent (UK). That and the move by Special Counsel Robert Mueller to subpoena President Donald Trump’s campaign for documents containing specified Russian keywords from more than a dozen officials, has sparked the Cable rate, particularly overnight.

H1, has the rising support from the key 20 period moving average,  a break of the latest Fractal high on last nights Daily close, and resistance at 1.3250.  H4 has resistance at 1.3239 and support at 1.3215. Both time frames are approaching over bought on the RSI but with positive parabolic SAR and momentum indicators. The Daily chart triggered an entry on last nights close at 1.3193 with an initial target at 1.3253 and target 2 at the full 14 DATR at 1.3293. A reverse to the low of the recent move at 1.3080 will negate this move. 

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Stuart Cowell

Senior Market Analyst

HotForex

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