Cable Trading Sideways Ahead of Crucial US Data

The cable market remains stagnant within an extended sideways trend, experiencing a narrow range as trading thins out for the Good Friday holiday. Current activity shows a fluctuation between the 200-day moving average at 1.2588 and a slim daily cloud range spanning from 1.2634 to 1.2663. Despite a predominantly bearish tone in daily market analysis, indicating downside risks, the pair lacks a clear directional signal.

Investors are eagerly awaiting the release of significant economic data today, particularly the US Personal Consumption Expenditures (PCE) price index. This index holds particular weight as it is the Federal Reserve’s preferred measure of inflation. The data is anticipated to influence the timing and pace of highly anticipated Federal Reserve rate cuts.

Should the February inflation figures surpass expectations, it could dampen speculation of rate cuts starting in June and potentially bolster the US dollar. However, the impact of this data may be mitigated by the notably reduced trading volumes typical of Good Friday.

Res: 1.2634; 1.2663; 1.2689; 1.2715

Sup: 1.2600; 1.2588; 1.2575; 1.2518