This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
GBP/USD continues its rise but resistance remains
Cable continues to clamber off the lows of last week, but as yet there is little sign that we have a reversal in place. For now resistance remains at $1.5243, and then at $1.5316. The daily RSI continues to bounce from oversold levels, and if today finishes higher the sequence of lower lows will have been broken, so watch for a turn higher in daily stochastics to confirm that a bounce is underway. A move lower is likely to find support at $1.5131 and then $1.5091.