The CABLE confirmed a further weak closing causing even a 1,5450 undershooting. Possible a retest of the 1,5420 support before October’s low at 1,5272!! To be honest we are a little surprised by the present extreme weakness for the pound.
The indicators of the daily chart are well negative as well as those of the 4h one where we have still oversold conditions. Those of the hourly chart just turned again above the line after a key hour reversal just confirmed. Only an hourly closing above 1,5490 will however support an extension of the move up suggesting a 1,55 overshooting!!
We stay on the sideline but we are still waiting for a possible buying opportunity for a rally toward the 200 hours line that we find still only at 1,5688.
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FUTURE TREND RESEARCH