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- Major resistance – 1.2552
- Cable has formed temporary around 1.2552 and declined sharply from that level. It is currently trading around 1.23800.
- On the lower side, any break below 1.23800 will drag the pair down till 1.2350 (100- day 4H MA)/1.2328 (200- day MA)/1.2280.
- The top formed today might be acting as short term resistance and any break above targets 1.2665 (50% retracement of 1.34461 and 1.19048)/1.2700.
It is good to sell on rallies around 1.2435-1.24440 with SL of 1.2556 for the TP of 1.2285
Resistance
R1-1.2560
R2-1.2665
R3-1.2700
Support
S1-1.2350
S2-1.2320
S3- 1.2280
