Technical Analysis

Cable erases gains on the day as Brexit optimism falls flat

Comments by the European camp earlier are finally settling in


The risk for buyers now is if price starts to fall back below 1.2500, that wouldn’t be a confident sign of a major break signaling further upside momentum.

The 100-day MA (red line) is seen @ 1.2489 with the 100-hour MA @ 1.2473. Those will be key levels to eye in terms of any potential break to the downside moving forward.

As for now, it’s been a minor reality check for buyers after cable touched a high of 1.2582 earlier in the European morning only to fall close to 1.2520 currently.

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