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.
Yesterday saw some recovery for cable from Friday’s sell-off, but overall bullish momentum was absent. Today’s CPI number could provide a catalyst, with a push through Monday’s high near $1.33 opening the way to a test of the Friday peak at $1.3450.
Further downside momentum would potentially find support at $1.3150 and then $1.31, while over the longer-term $1.2850 is the area to watch.