The Cable has slipped backwards from 1.5336 levels, weighted down by yesterday's negative UK GDP figures. However, the pair made a rebound towards 1.5313 levels earlier trading hours before slipping back below 50% fib levels. The currency pair is trading below pivot point at 1.5290 which suggests further bearish momentum is in place for this pair.Therefore it's good to sell this pair on rallies.
- To the upside, the strong resistance can be seen at 1.5306, a break above this level would expose the pair towards next resistance level at 1.5353.
- To the downside immediate support can be seen at 1.5260, a break below at this level will open the door towards next level at 1.5200.
Recommendation: Go short below 1.5300, targets 1.5250, 1.5200, SL 1.5370
Resistance Levels
R1: 1.5306 (50% Retracement level)
R2: 1.5353 (61.8% Retracement level)
R3: 1.5381 (Oct 26th high)
Support Levels
S1: 1.5260 (38.2 % Retracement level)
S2: 1.5200 (23.6 % Retracement level)
S3: 1.5137 (Oct 5th lows)
