- The Cable has slipped backwards from 1.5462 levels to hit low at 1.5410 in early the European session. However, the pair rebounded back in quick succession and erased the earlier losses to trade at 1.5450 levels. Currency pair is trading above upward trend line in daily chart and daily pivot point at 1.5435 which suggests further bullish momentum towards upside can be seen in the coming sessions. Therefore its good to buy this pair above 1.5450 levels.
- To the upside, the strong resistance can be seen at 1.5506, a break above this level would expose the pair towards next resistance level at 1.5550.
- To the downside immediate support can be seen at 1.5456, a break below at this level will open the door towards next level at 1.5414.
Recommendation: Go long above1.5450, targets 1.5500, 1.5530, SL 1.5390
Resistance Levels
R1: 1.5484 (38.2 % Retracement level)
R2: 1.5506 (Oct 15th high)
R3: 1.5550 (23.6 % Retracement level)
Support Levels
S1: 1.5456 (Oct 20th low)
S2: 1.5431 (50% Retracement level)
S3: 1.5414 (Oct 15th low)
