FXWW News/GBP crosses/Technical Analysis

Cable: Bull trend in place but expect more sideways in short-term

  • 4-hr chart shows the bull trend still in play but the MAs losing momentum (see chart);
  • Major support should develop now near 1.6250 whilst 1.6600 will attract profit takers in an already-long market;
  • Sentiment remains GBP-positive and I still expect to see increased GBP strength on crosses like EUR/GBP.

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