Cable Sticks to Pattern

by Ashraf Laidi

Feb 3, 2009 9:09

Since Nov, GBPUSD posted 5 advancing periods lasting 5-7 days and each ... in the magnitude between 5 and 8%. Traders take advantge of brief buying opportunities before restarting the established downtrend. Market expectations of another 150-100-bps in BoE rate cuts as the markets have yet to see further deterioration on the macro (unemployment, Indus production) and banking picture. ST term implications suggest next down leg to recall $1.3930, followed by last months $1.36 lows, while any recovery is seen tempered at $1.4400.

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