The cable is still on a sideways trend, trading at 1.6544 dollars per pound. The market is anxiously waiting for the US initial jobless claims, which could give momentum to a downwards trend of the pair, if they come in worse than expected.The bands of Bollinger show low volatility in the hour, while the MACD and Stochastic show signs of selling right now.

According to the RSI, the pair is around the oversold area.

If the pair weakens, the support to watch out for is at 1.6515, while on the upper side, the next resistance is at 1.6585 dollars per pound.

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