Reflecting the underlying strength of sterling, CABLE was bought at higher levels for a 6th week in a row. However although prices remain close to the top of a positive Keltner channel, the last 5 days saw consolidation and profit taking.
This reactive move was not a deep one – all prices confined within the prior week's range and the 13 day mvg avg intact – but price action does leave sentiment mildly negative. This offers scope for a deeper but temporary correction this week targeting 1.7010 or even 1.6952.