Cable extends below $1.57, not much support from here

FXStreet (Bali) - Cable remains offered outright as market keeps adjusting expectations of a BoE rate hike to late Q3/early Q4 2015, with the rate chewing through bids at 1.57, setting a new trend low at 1.5677.

Technically, Jim Langlands, Founder at FXCharts, notes: "The 4 hour charts still look negative, as do the dailies and the weeklies so a move towards 1.5600 should not be ruled out, and in the longer term there is not a whole lot of support to be seen until around 1.5400."

On the topside, Jim adds: "Having broken below the base of the wedge formation that has recently dominated the action, this will now act as nearby resistance at 1.5720, above which would see a squeeze back towards 1.5790 and possibly on to 1.5830."