After a relative good run for the Sterling Pound coming from a 1.2580/10 low range price level while the USD DXY took a back stage performance that drifted to a low at 91.00 basis point; the price rally for CABLE to its current high at 1.3657 have now formed a 'top-heavy' cluster formation that technically backs the near term trend direction.
What drives these price action contrary to its prevaling market sentiments, the views surrounding the market place have been more influential in the recnet trading sessions. As the London attack have indeed a continuing run for GBPUSD and pullback below the 1.3500 intra day support. Which now creates a 'Top-heavy' cluster formation on a technical perspective that would also be supported with the current downgrade from Moody last Friday. And this will surely place #CABLE at the negative receiving end of the market play. Not only dented CABLE's prices but will surely dampen investors' sentiments from its recent rally.
USD strength and a Hawkish tone from the FED's increased probability of rate hike have dampened CABLE and Euro trading at 1.3295, 1.1747 respectively. The DXY trading at the 93.53 also provided fresh incentive for investors as Gold prices including oil have declined. Currently Gold is at 1272.60 while Crude Oil is at USD 50.72.
ReplyDelete