FXstreet.com (London) - Alistair Darling, Britain's Chancellor, speaks in London later today, ahead of Pre-budget figures. Markets will be looking for further insights to near and mid-term monetary policies, as cues to economic growth. Britain is the only country of the G20 nations still in recession, as quantative-easing is slowly rolled out to combat the sluggish economy.
Cable currently trades at 1.6261/3 and has, like many of the other pairs we have reported on in session today, found range. Pair trades tightly rangebound between 1.6269 - 1.6243.
The descendent trendline indicates primary support at 1.6230, and secondary support incase of unexpected breakout
to the downside can be taken as 1.6200. For resistance should GBP stage a revival against continuing Dollar strength, we look to analysis from Valeria Bednarik, collaborator at FXStreet.com, who quote primary and secondary resistance at 1.6300 and 1.6340 based on this technical report.