FXstreet.com (Barcelona) - After posting a new 3-months high at 1.5036, Cable has begun to fall to be traded below the 1.4950 level. Currently, the pair is trading around 1.4940/60, as 0.25% increases from 1.4907 opening price.
Valeria Bednarik, FXstreet.com collaborator, says: Bullish Sentiment wanes with the Downward Slopes of the 20SMA and RSI Reading and Slope confirming Corrective Behavior. The 1.4861 Dynamic Support is holding for now, and continued Upside Momentum brings a slice through the Daily Pivot @ 1.4886 onto the 20SMA @ 1.4892. Clearance bring potential Re-Test to form a Double Top Formation and failure to breach the 1.4946 High brings Downside Risk to Dynamic Supports of 1.4831 and 1.4798, followed by Static Daily Support @ 1.4767. The 200Hourly SMA @ 1.4748 may support Dynamically, although Failure here brings Static Support @1.4711, respectively.
Valeria provides us with her levels: SUPPORT: 1.4831 1.4798 1.4767 1.4711. RESISTANCE: 1.4892 1.4923 1.1948 1.5000
For more information, read our latest forex news.