Fxwirepro: Cable Trades Within Narrow Range of 1.55483-1.56881, Good to Buy at Dips

• RES 4: 1.5745
• RES 3 : 1.56881 (jul 29^th high)
• RES 2:1.56770 (Jul 31^st high)
• RES 1: 1.5630 (support turned into resistance)

PRICE: 1.55990 @11:24 GMT 

• SUP1 : 1.5587 (7 day EMA)
• SUP2 :1.5554 (20 day MA)
• SUP 3 : 1.5540( trend line joining 1.53291 and 1.5465)
• SUP 4 :1.5465 (Jul 24^th low)

Cable is trading within narrow range 1.56771 and 1.55483 for the past three trading session.

Today it went up to 1.56168 in Asian session and pared its gains once European session started.

 Overall trend is still bullish as long as support 1.5540 holds. Any break above confirms short term weakness, decline till 1.5480/1.5435 cannot be ruled out.

On the upside any break above 1.5600 will target 1.5630/1.56770/1.5690 in short term.

It is good to buy at dips around 1.5585 with SL around 1.5400 for the TP of 1.5670/1.5688.

The material has been provided by InstaForex Company – www.instaforex.com