Cable falls to session lows, drops below 100-hour MA

GBP/USD trades at 1.3544, lowest on the day as dollar strength intensifies

Cable has been stuck in a sort of range since last Friday, ping pong-ing between 1.3524 and 1.3582. The pair tested the topside in Asian trading today, but has since fallen after being rejected as sellers are taking back control.

The pair is now trading just below the 100-hour MA (red line) and the 23.6 retracement level of 1.3547.

Some good two-way action to be had for cable. Until we break out of this range, this is one for the simple buy low, sell high playbook.