The minor trend of cable (GBPUSD) has been sliding through sloping channel. Upswings are again restrained below channel resistance today.
While hammer pattern counters slumps earlier this month, consequently the current prices spike well above 7SMA.
Stiff resistance levels are observed at 1.3995 and 1.4068 levels.
For now, more rallies seem to be on cards only on break-out above stiff resistance areas.
The bulls in consolidation phase spikes through rising channel, spinning top pattern occurs and hampers previous bullish momentum to extend channel.
On a broader perspective, you could still see as and when the price touches channel support, sharp spikes are seen upon hammer pattern candlesticks (weekly plotting).
For now, more dips are foreseen as the leading indicators signal strength and intensified bearish momentum.
Trade tips: On an intraday speculative basis, we advocate boundary binary options to leverage yields. At spot reference: 1.3960, use upper strikes at 1.3995 and lower strikes at 1.3918 levels. The payoff structure would be exponential if the underlying spot FX keeps flying on or before binary expiration.
Currency Strength Index: FxWirePro's hourly GBP spot index is inching towards 67 levels (which is bullish). While hourly USD spot index was at shy above -76 (bearish) while articulating (at 09:32 GMT).
For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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