Cable (GBP/USD) top intact, with risk for a roll lower
A cautious tone, with the grinding recovery effort stalling ahead of a better barrier at 1.6715, which we see capping this week with threat of renewed erosion back lower through 1.6525 to the recent low at 1.6465.
We still see the rebound of the past week as corrective in nature, with the March top favouring further downside probes into early April.
Moreover, the April target remains 1.6390/80 support props and maybe even closer to the 2014 swing low at 1.6250, which we would look to hold.
WHAT CHANGES THIS?
Above 1.6715 signals a neutral tone, only shifting positive above 1.6785.
Please see full report with levels and latest audio-visual analysis here: