FxWirePro:Cable downside capped by 38.2% fibo, good to sell on rallies
Cable has broken major support at 1.2850 (cloud bottom) and declined till 1.27739 yesterday. UK GDP second estimate matches expectations. UK economy grew by 0.3% in the second quarter.It is currently trading around 1.282…
Cable has broken major support at 1.2850 (cloud bottom) and declined till 1.27739 yesterday. UK GDP second estimate matches expectations. UK economy grew by 0.3% in the second quarter.It is currently trading around 1.28215.
The downside capped by 38.2% fibo at 1.27739 and any break below confirms minor weakness.Any break below 1.27739 will drag the pair down till 1.2700/1.2650 (200- day MA) likely. Market awaits Jackson Hole symposium for further direction.
On the higher side, minor jump can be seen only above 1.28770 (100- day MA) and any break above will take the pair till 1.2920/1.2955. Short term bearish invalidation only above 1.3050.
It is good to sell on rallies around 1.2805-1.2810 with SL around 1.2858 for the TP of 1.2725/1.2655.
