(1,5087) The CABLE failed to confirm further direct weakness forming instead a small positive day reversal; only a daily closing tonight above 1,5160 will confirm a s/t bottom. Overall the pair is still interior the negative outside day with 1,5270 – 1,5085 the levels to follow ; a daily closing below the support will favour a possible return below 1,50!! The indicators of the daily chart are still well positive while those of the s/t ones turned mixed suggesting further consolidation. The decline did not form divergences in the hourly chart but the RSI dropped well below the 30% level suggesting a bearish range. The rally toward the 200 hours line’s channel could therefore be corrective; in fact we have already a negative reversal situation suggesting a s/t target at 1,5039. Only an hourly closing above 1,5160 will postpone this scenery suggesting a little higher levels with the 200 hours line at 1,5171 the first attraction. We stay on the sideline waiting for further confirmations but overall expect a lower CABLE!!
Click here to read the full report: GBPUSD 04.04
Future Trend Research