Cable tests waters below 1.3200 as upside move stalls

Cable tests waters below 1.3200 as upside move stalls

Attempt to move above the 200-hour MA failed

And GBP/USD has subsequently moved lower as a result. Sellers remain in control as near-term sentiment remains bearish with that hold, and now the 1.3200 handle is being tested. Despite the move lower, there is support from bids at the figure level along with yesterday’s low @ 1.3193 and the 23.6 retracement level @ 1.3184.

There hasn’t been much to go on so far with the dollar basically trading flat despite the market sitting in a risk-off mood.

The range for cable today is a measly 37 pips. And the same can be observed in other dollar pairs too with exception to the yen and the kiwi. EUR/USD only trades in a 32 pips range for the day and USD/CHF sits in a 23 pips range.

For all the doom and gloom headlines we’ve seen so far, the FX market isn’t seemingly all too responsive for the time being. Carney is due to speak in a couple of minutes, so let’s see if he can add some more colour to the market.

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