Cable moving into resistance this week; BoE can send it lower
Cable'sdrop to a new low last week occurred in only three waves from 1.3044, suggesting it’s likely part of wave "b" in a complex correction. Therefore, we are watching for a potential flat formation here in wave B, with resistance possibly at 1.3044 to 1.31 area. We think there is a chance for a sell-off from there, especially if we consider that BOE can be looking to cuts this Thursday as latest inflation figures came out at 1.7%, down from 2.2%.
On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
