All the attention is on Euro and Greece, I thought I would look at sterling and the budget tomorrow. After last year I would not want to be long sterling going into tomorrow.
Cable, weekly and 4 hourly charts:
I count 7 unsuccessful attempts to break the 1.50 level and the fib confluence below.
looks even more bearish, daily chart, the trend-line re-test has held:
Bear flag and no buyers
Weekly chart, broke 90 level and support becomes resistance. Break of 8.80 lines up the bottom of the channel.
On its way to test support at 1.50
Support becomes resistance?