21:02 UTC
Range, recovering off June lows · RSI 60 · price 1.34912
Range 1.3400-1.3500, capped below 1.3555.
Cable has clawed back from the mid-June low near 1.3140 and now trades at the top of a multi-week 1.3400-1.3500 range, holding above a flattening-to-rising EMA(50). Friday's shock -23K US NFP was the driver of the pop to the 3-week high at 1.3506 rather than any sterling strength, and price closed just under the 1.3500 pivot. Two months of failure below the 1.3555 upside cap keeps this a range read, with support layered at 1.3410 and the 1.3280 swing low beneath.
Support: 1.3410, 1.3280
Resistance: 1.3506, 1.3555
What it said to watch
- US CPI (Aug 12) is the next major catalyst for this USD-driven move
- UK GDP (Aug 13) is the first domestic sterling test
- Daily close above 1.3555 upside cap would end the range read
- Failure to hold 1.3410 support reopens the 1.3280 swing low