Charting FX: Cable back to trend line resistance

The Dollar Basket shows a series of higher highs and lows, indicating it is trending towards the upside, but IG analyst Joshua Mahony notes that it is a very gradual move and 9,510 points is a near-term target. Cable still has a long-term descending trend line in play, and a close above $1.55 would give it some confidence. Joshua also looks at the Australian dollar after the very important Chinese GDP data.

Trade now

Live Dollar Baket | GBP/USD | GBP/EUR prices

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.