- The cable has resumed its bearish trend, after breaking resistance level at 1.5428, The pair is all set to move downwards in quick succession towards next support levels , therefore its good to sell at current market price.
- Currently the cable is trading round 1.5422 levels, it is set to decline further towards 1.5370 later towards 1.5320 levels.
- To the upside, the strong resistance can be seen at 1.5458, a break above this level would expose to cable to next resistance level at 1.5486 (61.8% Retracement Level).
- To the downside immediate support can be seen at 1.5390, a break below at this level will open the door towards next level at 1.5361(July 10th lows).
Recommendation: Go short below 1.5425, targets 1.5370, 1.5330, SL 1.5550
Resistance Levels
R1: 1.5428 (38.2% Retracement Level)
R2: 1.5458 (50 % Retracement Level)
R3: 1.5486 (61.8% Retracement Level)
Support Levels
S1: 1.5390 (23.6% Retracement Levels)
S2: 1.5361(July 10th lows)
S3: 1.5327 (July 8th lows)
The material has been provided by InstaForex Company – www.instaforex.com