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Sterling resuming a bear trend?

FXstreet.com (London) - Sterling had been trading in an ascending channel before the release of CPI where the support line was well and truly breached.

The pair, having lighted its load, is oscillating along the 61.8% fib line and support at 1.5143. If the down trend is to truly reform, a break below 1.5115, and 1.5035 could open up a target for the 100% retracement for the 1.4865 march lows.

The middle of the week could begin with closes below pivot, dovish BoE minutes and positive rhetoric from a Bernanke speech, which could lead to plenty of additional supply in cable.

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EUR/USD consolidates below 1.2900

The euro pulled back from the 1.2900 level against the dollar and briefly dipped to a low of 1.2840 as the greenback strengthened during the European session.
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