FXstreet.com (Barcelona) - The Dollar has been losing ground today against most majors, the ActionForex.com Technical Team affirm that a short-term low has been set: Cable's rebound from 1.9363 resumes today and takes out 1.9636 resistance. As mentioned before, this, together with mild bullish convergence condition in 4 hours MACD and RSI, suggests that short term low is in place already.

The bias, according to the ActionForex.com Technical Team is on the upside: Also, the whole decline from 2.0391 could have completed too. At this point, intraday bias remains on the upside as long as 1.9591 minor support holds. Break of falling trend line resistance (now at 1.9726) will add more credence to this case and encourage rally to 2.0029 resistance first. On the downside, below 1.9591 will turn intraday outlook neutral first.