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- Cable is declining after forming a temporary top around 1.29785 formed on Aug 29th 2017. The pair has taken support near 89- day EMA yesterday and shown a minor jump from that level.
- The pair’s near term resistance is around 1.29380 and any break above will take the pair to next level till 1.29785 and 1.3000/1.3030. It should break above 1.3050 for further upside.
- Cable is trading in narrow channel and any break above upper channel resistance at 1.29665 will confirm minor bullish continuation.
- On the lower side, near term support stands at 1.2870 and any break below will drag the pair down till 1.2840 (61.8% retracement)/1.2800. Cable further selling can be seen only below 1.27700.
It is good to buy on dips around 1.2870 with SL around 1.2840 for the TP of 1.29380/1.2975.
