Cable finally finds some support (& buyers!)

6B_and_csi_daily-1024x557Following longest fall since 2008 no surprise to see British pound and the 6B move higher in this morning’s trading, on the back of profit taking and closure of US and Canadian markets for the Labor Day holiday.

From a VPA (volume price analysis) perspective the recent move lower has also been associated with falling volume suggesting the downwards pressure is, for now, running out of steam, with the platform of support at 1.5160 providing the reason for the pullback. Longer term, however, the outlook remains bearish for Cable, and should the 1.5160 price point fall to hold we may see a move towards 1.50 and even a possible re-test of the 1.46 region in due course.