Determining Direction For Cable

TECHNICAL ANALYSIS

Craig Ferguson, head of technical analysis at JP Morgan, looks at GBP/USD and the technical tools best suited for determining its short- and long-term direction

Price action in the pound over the last three months since the late May lows at 1.4660 has been punctuated not only by a strong rally from those lows towards the 1.5315 area, but also by a protracted range trade between that high and the 1.4850 level. The low end of that range was again tested in the last few days, the fifth time sinc