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 prevented from moving upwards
Cable continues to respect the rising hourly trendline but so far is unable to make much progress above $1.56. Yesterday we saw it spike towards $1.57, but the resistance zone (red box on hourly chart) that has held back gains since mid-July is still preventing real moves upwards for the time being.
The really bullish development would be a close above $1.5680, but so long as we remain above the 200-hour SMA ($1.5573) then I will still be cautiously bullish.