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Cable ticks above Monday’s high then stalls

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Cable breaks resistance then balks

Cable made a nice comeback from Friday’s fiasco but is now taking a breather.

Cable stalled yesterday at the 50% retracement of the Friday fall. It broke above that today but only by a few pips before consolidating.

I think there’s a bit of wait-and-see ongoing. The market wants to see what kind of theme North American trade takes.

US 10-year yields have ticked higher to 3.10% and stock futures are higher. That could morph into US dollar buying like it did yesterday or global growth optimism could return and spark just the opposite.ForexLive

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