Cable Update July4th
Thanks To Bomberg For Chart

Cable Update July4th

Trevor Charsley Trevor Charsley

Trevor Charsley

Chief Technical Strategist at Corpay

发布日期: 2022年7月4日
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Last week cable was under pressure from month end US$ purchases and a hawkish Fed Chair. It traded below 1.2000 again but couldn't trade below 1.1933. In this case, from here there are two (at least) narratives.

Firstly, price can continue immediately lower to trade below 1.1933 and then target 1.1545 (watch out for FOMC meeting minutes Wednesday and Non-farm payrolls Friday).

Secondly, we could see a correction called an 'expanded flat.' This could see GBPUSD move higher in a corrective manner to test between 1.2449 and 1.2741. Could this be caused by the Bank of England (BoE) having to act more forcefully on inflation as BoE Governor said last week? If the expanded flat is chosen, when it is completed the next move would be a resumption of the trend lower.

As usual at the moment if cable trades above 1.3000 the bullish scenarios would need to considered more seriously.

Have a good week.

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