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- Cable recovered once again after showing a minor decline below 1.2900 level on account of mixed UK jobs data. U.K unemployment hits 42 year low but basic pay slows to 2.1% lagging behind inflation. The pair broken the minor resistance at 1.29572 high made yesterday and is currently trading around 1.29580.
- On the higher side, major resistance is around 1.3000 and any break above confirms bullish continuation. Any break above will take the pair till 1.3050/1.3088 in the short term. The minor resistance is around 1.2960.
- Cable major support is around 1.2830 low made on May 5th, 2017 and any break below will drag the pair down till 1.27800 (23.6% retracement of 1.2108 and 1.2987)/1.2720 (200- 4H MA).
- Short term trend is bullish as long as support 1.2830 holds.
It is good to sell on rallies around 1.29000 with SL around 1.2960 for the TP of 1.2830/1.2780.
Resistance
R1-1.3000
R2 -1.3050
R3- 1.3080
Support
S1-1.29000
S2-1.2830
S3- 1.2780.
