Cable’s near-term outlook stays neutral/bearish, according to Chief FX Strategist at Socotiabank Shaun Osborne.
“Intraday price action looks a little soft again with Cable struggling to hold above 1.30. Yesterday’s early signs of technical weakness yielded very little downside movement at all, however, and the underlying trend in the GBP remains constructive”.
“We do not exclude the risk of some modest, corrective weakness near-term in Cable but we think the underlying bull trend has staying power. Dips to the low/mid 1.29s are a buy”.