Wednesday, February 25, 2009 3:48:48 PM
FX Update - CABLE
Posted Wednesday, February 25, 2009 - Need to Know News
There was a bit of a delayed response to the Blanchflower speech earlier this afternoon, but when comments were digested, traders decided to use it as an excuse to continue CABLE’s selloff. Given the way EUR/GBP and GBP/JPY look, along with Cable, weakness is mainly a Sterling issue. It would come as no surprise to see Asia pick up on things and provide further selling pressure to the currency, at least in the early part of the new day.
Support will come at today’s lows near 1.4175 and at the February 2nd lows at 1.4050. A break below the latter will encourage an assault on the recent lows at figure 1.35. The 9 and 21-day moving averages at 1.4335 and 1.4420 will provide resistance overnight.
Posted Wednesday, February 25, 2009 - Need to Know News
There was a bit of a delayed response to the Blanchflower speech earlier this afternoon, but when comments were digested, traders decided to use it as an excuse to continue CABLE’s selloff. Given the way EUR/GBP and GBP/JPY look, along with Cable, weakness is mainly a Sterling issue. It would come as no surprise to see Asia pick up on things and provide further selling pressure to the currency, at least in the early part of the new day.
Support will come at today’s lows near 1.4175 and at the February 2nd lows at 1.4050. A break below the latter will encourage an assault on the recent lows at figure 1.35. The 9 and 21-day moving averages at 1.4335 and 1.4420 will provide resistance overnight.
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