Cable still looks positive; $1.29 remains an important hurdle
Despite generally less inspiring data from the UK recently, the pound has continued its gains against the dollar although with lower momentum. The dominant news for the pound currently is the upcoming general election to be held on 4 July; currently the opposition Labour party is likely to win a landslide according to polling. Traders generally expect the Bank of England to cut its rate in August or September.
$1.29, the area of 8 March’s intraday high, is likely to be a strong resistance which probably won’t be broken unless there’s a significant surprise from next week’s British inflation or the Bank of England’s upcoming meeting. However, the uptrend still seems to be valid for now, with ATR not at a bottom and the slow stochastic close to neutral. The 20 SMA – currently around $1.275 – seems to be an important dynamic support for the short term. 10 June’s doji might suggest that a break below $1.27 is unlikely for now.
This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
$1.29, the area of 8 March’s intraday high, is likely to be a strong resistance which probably won’t be broken unless there’s a significant surprise from next week’s British inflation or the Bank of England’s upcoming meeting. However, the uptrend still seems to be valid for now, with ATR not at a bottom and the slow stochastic close to neutral. The 20 SMA – currently around $1.275 – seems to be an important dynamic support for the short term. 10 June’s doji might suggest that a break below $1.27 is unlikely for now.
This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
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