R: 1.6180 / 1.6212-24 / 1.6281
S: 1.6067-46 / 1.5994 / 1.5868
Cable rose during the day and recorded a high of 1.6164. Further upside may again face Resistance near 1.6180. We intend to go Short near this level. As long as the Resistance at 1.62-1.63 is overhead, there are good chances of a fall towards the 55-week MA (1.5687) over the next couple of weeks. A strong rise past 1.63 would call for a review of the bearish view. Given this, we would want to sell rallies than buy dips.
For today, the Projected Max High and Low for the day is at 1.6222 and 1.5994 respectively.
Limit Sell Order:
Sell GBP 10K at 1.6180, SL 1.6250, TP Open