>The Cable has slipped backwards from 1.5196 levels, after a brief surge towards 1.5240 in early the European session. The pair has broken major support level at 1.5256 and is moving to test next support level at 1.5162. The Cable has to close above pivot point which is located at 1.5358 in order find any bullish momentum, unless until the trend remains bearish for this pair. Therefore it's good to sell below 1.5230 levels.
>To the upside, the strong resistance can be seen at 1.5252, a break above this level would expose the cable to next resistance level at 1.5290.
>To the downside immediate support can be seen at 1.5162(38.2% Retracement level), a break below at this level will open the door towards next level at 1.5133 (Sep 25th low).
Recommendation: Go short below 1.5230, targets 1.5160, 1.5120, SL 1.5300
Resistance Levels
R1: 1.5252 (50% Retracement level)
R2: 1.5290 (Sep 24th high)
R3: 1.5350 (61.8% Retracement level)
Support Levels
S1: 1.5162(38.2% Retracement level)
S2: 1.5133 (Sep 25th low)
S3: 1.5085 (Aug 4th lows)
