Technical Analysis

Cable slips to fresh two-week low amid firmer dollar

GBP/USD falls to its lowest level since 19 June


The low for the day hits 1.2551 as price now moves towards testing light bids around 1.2550 with further support seen closer to 1.2543 next. The move comes as the dollar is holding firmer against the rest of the major currencies bloc in the past half hour.

As mentioned in the earlier post, I reckon this has more to do with positioning play ahead of the US jobs report as there isn’t much action in equities or bonds to spark a move here.

But just analysing the cable chart, the near-term bias is still favouring sellers as price holds below both key hourly moving averages.

Hence, the risk for sellers on a poor US jobs report is if price starts to move back up to challenge the 100-hour MA (red line) @ 1.2601 and the 200-hour MA (blue line) @ 1.2648. Meanwhile, I reckon the 1.2500 handle will be a key area of interest should the US jobs report beat market expectations handily amid ongoing Brexit uncertainty still.

Articles You May Like

Forex Webinar: 7 Secrets of Consistent Trading Profits (That Anyone Can Learn)
LIVE Forex Trading – NY Session 14th October 2019
👉👉 Estrategia Rentable Scalping 😎😎 2 Indicadores que Funcionan para una en Forex 15 minutos ⏰
AUD, NZD Pop Higher On Report US Considering China Currency Pact
📈 Professional Forex Trading Course For Beginners By World King | Day 2: Forex Trading Basics 📚

Leave a Reply

Your email address will not be published. Required fields are marked *