Cable rallied, but as yet we have not broken the 1.6135 stop/loss resistance so we are right at the moment to be short. Only if 1.6135 breaks will buyers regain control of the market and they will drag us higher and we could then be looking at 1.6150 to 1.6180 as a short term objective.


As yet the daily charts retain bearish tendencies, and because of this we are looking for a top in the market short term, and 1.6085 support is looking to entice. Now this is also the Daily Pivot point therefore to continue lower we see the market needing to break this support. If we can do this we look for another move lower with 1.6010 looking to entice prices lower.


Now if we cannot trade lower and break 1.6185 there is a good chance that we can trade higher to 1.6217 through to 1.6230.

[[nid:999874]]

SUPPORT

1.6090/85

1.6065

1.6010

1.5995/80*

1.5955*

1.5935/20

1.5885

1.5850

1.5830**

 

RESISTANCE

1.6132/35

1.6150

1.6180

1.6205/17*

1.6225/30

1.6268/75

1.6285

1.6300

1.6310/15

 

DAILY PIVOTS

R2   1.6183

R1   1.6149

PIVOT 1.6085

S1   1.6051

S2   1.5987



SHORT TERM FIB


23.6   1.6097

38.2    1.6150

50    1.6194

61.8  1.6238

76.4  1.6291


MED TERM FIB


23.6   1.6117

38.2   1.5955

50    1.5824

61.8  1.5692

76.4  1.5530





 

The article was first published by CharmerCharts