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Week Comm 30 May.

Phil Newton's picture
not much to add really. Cable's maintaining it's lower high behaviour for now, with the shorter timeframes bouncing around within well defined s&r barriers.....generally after such an extended move, instruments go thru a consolidation/ranging period before either basing & reversing or resuming direction to next level supply/demand. the market will now digest the upcoming French/Dutch voting scenario as well as the continuing eco releases to further assess the dollars current stance. The fundamentalists among you will no doubt be scratching heads & reaching for the large pack of paracetamol, as the debate rambles on regards the conflicting & equally convincing arguments for $ strength/weakness & it's repercussions on financial & cross trade affairs. Technically, the picture is straightforward - active short positions (on this instrument) remain live until individual strats dictate otherwise.....to repeat a favorite quote of mine : "it aint over till the fat lady sings" :)