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From : FX Daily Hotline: 1 September 2014
Chart of the day: Recovery for Cable

 

The British Pound is bouncing against the US Dollar.  Trading at US$1.6628 a short while ago, Cable's oversold decline (see low level of the RSI) has stabilized at US$1.6501; finding support above the March floor (US$1.6460).  Assuming Sterling can maintain the recovery over the short term, the next question is will former support at the 100-day moving average convert into resistance.  That line is currently located near US$1.6800.

 

 






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