1 Dec 2014
Cable maintains a heavy tone - FXStreet
FXStreet (Bali) - Cable maintains a heavy tone, after the failure break higher last week, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
"On Thursday, the pair finally managed to overcame 1.5740 area extending up to 1.5825, only to close Friday erasing all of its weekly gains down to 1.5648. The BOE is also expected to meet this week, but the Central Bank is expected to maintain its economic policy unchanged, becoming as lately a non-event."
"Technically, the pair has established a floor mid November around 1.5585 that can be challenged over the upcoming days if sellers surge on spikes up to mentioned 1.5740. In the 1 hour chart, indicators turned lower well below their midlines after correcting oversold readings, while 20 SMA heads strongly lower well above current price."
"In the 4 hours chart indicators present a clear bearish momentum, but 20 SMA stands directionless around 1.5710. Friday’s low at 1.5613 stands as immediate support and a break below should lead to a quick test of mentioned floor, while if this last gives up, 1.5500 comes as next probable bearish target."
Key Quotes
"On Thursday, the pair finally managed to overcame 1.5740 area extending up to 1.5825, only to close Friday erasing all of its weekly gains down to 1.5648. The BOE is also expected to meet this week, but the Central Bank is expected to maintain its economic policy unchanged, becoming as lately a non-event."
"Technically, the pair has established a floor mid November around 1.5585 that can be challenged over the upcoming days if sellers surge on spikes up to mentioned 1.5740. In the 1 hour chart, indicators turned lower well below their midlines after correcting oversold readings, while 20 SMA heads strongly lower well above current price."
"In the 4 hours chart indicators present a clear bearish momentum, but 20 SMA stands directionless around 1.5710. Friday’s low at 1.5613 stands as immediate support and a break below should lead to a quick test of mentioned floor, while if this last gives up, 1.5500 comes as next probable bearish target."