From 61.8% retracement at early of the week, cable tracked upward to projected 1.49 resistance level. The uptrend was capped at 1.4885 but before cable make a false break of the ascending channel on Thursday. The false break that resulted cable recovered strongly as it was supported by better than expected retail sales data.
Cable inability to push through 1.49 level despite better than expected data release from UK and the stock market hesitant to lead on Friday, indicated that cable is on the cross road after the uptrend since mid-May.
Cable or GBP/USD is currently at neutral position on intraday bias. The trading range for the week is between 1.468 to 1.50. Break of 1.468 support will retest next support at 1.45. A decisive break of 1.50 indicated that the upside move is still intact.
