The cable is has retreated after hitting resistance at 1.5772 and has slipped sharply towards 1.5675 levels, currently the cable has rebounded after hitting support level at 1.5666, a bullish rebound is expected soon unless and until the support level at 1.5610 is not breached by the bears.
- To the upside, the strong resistance can be seen at 1.5734 (38.2% Retracement Level), a break above this level would expose to cable to next resistance level at 1.5774 (June 30th high).
- To the downside immediate support can be seen at 1.5666 (50% Retracement Levels), a break below at this level will open the door towards next level at 1.5610(61.8% Retracement Level).
Recommendation: Go long above 1.5650, targets 1.5700, 1.5730, SL 1.5580
Resistance Levels
R1: 1.5734 (38.2% Retracement Level)
R2: 1.5774 (June 30th high)
R3: 1.5811(23.6% Retracement Level)
Support Levels
S1: 1.5666 (50% Retracement Levels)
S2: 1.5610(61.8% Retracement Level)
S3: 1.5563 (Aug 18th lows)
