The 4 hour charts remain positive (as do the weeklies) and thus another test of 1.5700 would not really surprise, above which would find offers at 1.5725 (76.4% of 1.5814/1.5445) and 1.5750, although I am not sure that the recent 14 May high at 1.5814 is yet in sight.
The dailies though are rolling over, and if we do see a near term move towards 1.5725/50 I suspect it would present a sell opportunity for another test of the downside, where support is to be found nearby at the 200 HMA (1.5650), below which would head back to the 100 HMA (1.5605) and the 55 HMA (1.5560), where the 200 DMA also currently lies. Back below this could see another run towards 1.5480, where the rising trend support now lies, and then to the session low at 1.5425. Further out, a break of 1.5400 would signal a decline towards Fibo support 1.5365 (61.8% of 1.5104/1.5814) and to 1.5335 (38.2% of 1.4565/1.5814).
Watch out for a speech from Mark Carney today, who may be hawkish on the economy but will be wary of sending Cable too much higher.
Economic data highlights will include:
PSNBR, Mark Carney speech.
The post GBPUSD: Cable stronger after UK Retail Sales. Carney speaking today appeared first on FX Charts Daily.
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