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Cable, the case for weakness
After riding the markets good will on account of the BoE’s decision to break what was a series of surprise rate cuts among Central Banks earlier in the month the British Pound now looks vulnerable and primed from a pull back. Earlier releases out of the UK is making the case on why Mark Carney aught to really speak what hes thinking, he wants a weaker currency, as the CBI Distributive Trades figure turned out at 1 from a 39 prior read and against a 34 consensus. Just as in the US it appears Britons have decided to hold off on spending despite the Jobs market remaining strong.
From a technical perspective we have a daily double top already formed just needing a trigger with a close under 1.5310. Given the daily averages the trigger should be well within the realm of probabilities while we also note the increased argument for being bearish as we see a rejection off the 38.2 Fib retracement area of the sell-off from Octiober 28th last year.
Ahead we are looking at possible movers that are again for the dollar with the Existing Homes Sales up for release and while consensus forecasts show a fall for 4.97 million from the previous 5.04M.
Source: http://www.fxinstructor.com/blog/cable-the-case-for-weakness
