- The cable has jumped towards 1.5052 levels, after finding support level at 1.4995. However, the pair is set flatter further towards 1.4900 levels in the short term, as there is strong bearish momentum below 1.5200 levels.
- The cable has to close above 1.5256 (61.8% Retracement Level) in order find any bullish momentum, unless until the trend remains bearish for this pair. Therefore it’s good to sell this pair on rallies.
- Currently the cable is trading round 1.5043 levels, it is set to decline further towards 1.4950 later towards 1.4900 levels in the short term.
- To the upside, the strong resistance can be seen at 1.5191, a break above this level would expose to cable to next resistance level at 1.5255.
- To the downside immediate support can be seen at 1.4987, a break below at this level will open the door towards 1.4900.Recommendation: Go short below 1.5120, targets 1.5000, 1.4950, SL 1.5260Resistance LevelsR1: 1.5120 (50% Retracement Level)R2: 1.5191 (Nov 23rd high)R3: 1.5255 (61.8% Retracement Level)Support LevelsS1: 1.4987 (38.2% Retracement Level)S2: 1.4900 (Psychological levels)S3: 1.4821 (23.6 Retracement Level)
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