Analyst
The bearish momentum on the pair continued in yesterday’s session, seeing the pair trading to the support region around the 0.85 price levels. The energy crisis across the UK and the Euro area has limited the moves on the pair, although the statement that petrol stations in the UK would resume operations has boosted the Cable against the common currency. I expect the cross-currency to jump off the lows and trade narrowly to the upside in today’s session.
The pair is trading around the 0.85000 support zone on the hourly timeframe, a level that held price at the previous test, so a rebound to the upside is expected with a target at 0.85589 and stop-loss at 0.84898.
No major economic data with a bearing on the pair
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