The background remains dominated by 5 weeks of demand and although the last 5 trading days have seen cable consolidate net profit taking has been limited.
Prices approached the trend defining 13 day moving average yesterday but, like the previous 4 days, the lows were not maintained.
The bullish bias is also reflected by positive Keltner channels in both the daily and weekly time perspectives and so we’re looking for the upside to reassert in the coming days. A move through last week's 1.7181 top will confirm that with 1.7220 and 1.7247 behind that.
