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Cable Rebounds to 1.6438 from 1.6377 in Europe

Posted by Chris Advincula on Jan 15, 2014 7:09:00 AM

eurgbp.1.15 resized 600

Chart: WorldWideMarkets Alpha Trader

The resilient cable rebounds from the intraday low of 1.6377 to 1.6438 (+61 pips) from the initial sell-off at the European open prompted by the extended gains of the dollar. The dollar was firm fueled by speculation that the Federal Reserve Bank will continue to cut its quantitative easing policy in the near term future after the encouraging U.S. Retail Sales data yesterday.

Cable rose to the morning session high of 1.6435 in Europe as corporate demand lifted the pound with a short-covering squeeze. However, the additional cable support can be attributed from the price action of the euro-sterling selling. The euro fell 38 pips against the pound to 0.8287 from 0.8325.

Noted offers are situated at 1.6470 on cable. (1.6465 was the high yesterday).

Near Term Support:      1.6395, 1.6385, 1.6368

Near Term Resistance:  1.6465, 1.6470, 1.6505


Chris Advincula



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Chart: WorldWideMarkets Alpha Trader


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