{"id":82847,"date":"2015-12-22T07:40:45","date_gmt":"2015-12-22T12:40:45","guid":{"rendered":"http:\/\/countingpips.com\/?p=82847"},"modified":"2015-12-22T07:40:45","modified_gmt":"2015-12-22T12:40:45","slug":"sterling-test-support-as-momentum-turns-negative","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/12\/sterling-test-support-as-momentum-turns-negative\/","title":{"rendered":"Sterling Test Support as Momentum Turns Negative"},"content":{"rendered":"<div id=\"inves-2028380682\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">December 22, 2015<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Article by <a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/p>\n<p>The pound continues to trade with a weakening bias against most currencies, but is slightly higher against the dollar. BoE MPC member Weale over the weekend confirmed again that the BoE is in no hurry to tightening policy, which is keeping a lid on further gains against the greenback and the Euro, but with the Fed hike out of the way the Fed\u2019s promise of a gradual tightening path, has in turn helped to keep USD under control. Still, with the BoE pushing the lift off further out we see Cable grinding lower going ahead.<\/p>\n<p>U.K. public borrowing higher than expected in November, at GBP 14.2 billion, up from GBP 12.9 billion in the previous month. Expectations had been for a slight drop in the deficit, so the data are disappointing and bring the total for this year to GBP 66.9 billion.<\/p>\n<p>Sterling is testing support at 1.4875.\u00a0 A break of this level would lead to a test of support of the 2015 lows at 1.4580.\u00a0 Resistance is seen near the 10-day moving average at 1.5025.\u00a0 Momentum is negative with the MACD (moving average convergence divergence) index recently generating a sell signal.\u00a0 The index is printing in the red with a downward sloping trajectory which points to lower prices. The RSI moved lower with price action reflecting accelerating negative momentum.<\/p>\n<p><a href=\"http:\/\/blog.forextime.com\/wp-content\/uploads\/2015\/12\/gbp-122215.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-10224\" src=\"http:\/\/blog.forextime.com\/wp-content\/uploads\/2015\/12\/gbp-122215-300x193.jpg\" alt=\"gbp-122215\" width=\"300\" height=\"193\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-54242 alignleft\" src=\"http:\/\/countingpips.com\/articles-analysis\/wp-content\/uploads\/2014\/07\/Forex-Time-Logo.png\" alt=\"Forex-Time-Logo\" width=\"262\" height=\"90\" \/><strong>Article by <span style=\"text-decoration: underline;\"><a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/span><\/strong><\/p>\n<p><strong>ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 <a href=\"http:\/\/www.forextime.com\" target=\"_blank\">www.forextime.com<\/a><\/p><div id=\"inves-2030167867\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article by ForexTime The pound continues to trade with a weakening bias against most currencies, but is slightly higher against the dollar. BoE MPC member Weale over the weekend confirmed again that the BoE is in no hurry to tightening policy, which is keeping a lid on further gains against the greenback and the Euro, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-82847","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=82847"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82847\/revisions"}],"predecessor-version":[{"id":82849,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82847\/revisions\/82849"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=82847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=82847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=82847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}