| GBP/USD: 1.5847 |
Having made it to 1.5915 yesterday, cable turned and headed lower once again and currently sits at around session lows of 1.5840. Expect more of the same consolidation today without too much direction although the overall theme of selling into strength remains the preferred strategy.1.5880 and 1.15915 will again provide the resistances to watch, although I doubt that we head above 1.5900 today.
As we said yesterday, the downside will find some minor congestion in the 1.5800/20 band, which may well continue hold it in the short term. Below the 1.5790 trend low, which won’t be easy as it is important Fibo support (38.2% of 1.3502/1.7191), would head towards 1.5745, where the base of a minor wedge appears to be forming and should see some buying as we approach further major support at 1.5920(61.8% of 1.4813/1.7191).
Economic data highlights will include:
Retail Sales Monitor.
Meta Trader – AxiTrader GBP/USD: 4 Hour
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