Cable's Moving Averages

by Ashraf Laidi

Feb 13, 2009 12:51

GBPUSD up 3.5 cents after 3-daily declines but fades at $1.46 which is below the 50-day MA of $1.4630. Perhaps a possible sign of gradual GBP stability is the that the only four times in which GBPUSD has closed above its 50-day MA since August of 2008 were this month and in January. Nonetheless, the chart shows cable remains well within + (-) 1% envelopes of the 5-day MA. This trend along with Dec TL resistance establishes pressure at $1.4840. Subseq resist stands at $1.4980. Downside trend remains intact, targetting $1.4140.

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