FXstreet.com (Barcelona) - After a rebound from 1.4397 to 1.4542, Cable has fallen below 1.4500 level again. Currently, the pair is trading around 1.4480/90 after falling 1.25% so far today.
Valeria Bednarik, FXstreet.com collaborator, says: Hitting extreme oversold conditions just under the 1.4400 level, the pair is correcting a bit to the upside, thus bigger time frames remain clearly bearish. Indicators are exhausted to the downside, suggesting an upside correction before further continuation in the pair. 20 SMA is turning to the downside in the hourly, suggesting continuation in the pair also.
Bednarik provides us with her levels: Support levels: 1.4395 1.4342 1.4315. Resistance levels: 1.4460 1.4510 1.4562
For more information, read our latest forex news.