The Cable has slipped backwards from 1.5196 levels, after US Industrial production and Michigan Consumer sentiment data came positive in early the US Session. However, the pair is consolidating around 1.5446 to reach higher levels currency pair is trading above upward trend line in daily chart and pivot point located at 1.5405 which suggest further bullish momentum towards upside. Therefore its good to buy this pair above 1.5370 levels.
- To the upside, the strong resistance can be seen at 1.5470, a break above this level would expose the pair towards next resistance level at 1.5506 (Daily high).
- To the downside immediate support can be seen at 1.5412, a break below at this level will open the door towards next level at 1.5366.
Recommendation: Go long above1.5370, targets 1.5450, 1.5480, SL 1.5300
Resistance Levels
R1: 1.5470 (23.6% Retracement level)
R2: 1.5506 (Daily high)
R3: 1.5566 (Sep 22nd high)
Support Levels
S1: 1.5412 (38.2 % Retracement level)
S2: 1.5400 (Psychological levels)
S3: 1.5366 (50% Retracement level)
