Technical Analysis

Price action continues to center around the key technical level

The low yesterday for cable was 1.3499, as bids at the figure level kept the pair afloat as it finished pretty much unchanged on the day near the 200-day MA (blue line). It’s a similar case to yesterday’s story here.

It looks very much that the market is positioning for a move only after the BOE meeting later today. And with some European markets closed (France and Germany the big ones), liquidity may be a little thinner in the session ahead prior to the BOE.

Cable is trading higher on the day as near-term levels stay above the 100-hour MA (red line) but remain below the 200-hour MA (blue line). That leaves near-term bias undefined for the time being. Offers remain at 1.3600 near the 200-hour MA @ 1.3603.

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