Cable was unable to sustain bullish momentum which brought it nearly 100 pips higher in the last few hours of trade to a high of 1.6160, and has since pulled back towards 1.6100 by mid-day over the old continent. The pair seems to find modest support their however, and currently trades settled at 1.6120 in wait of fresh direction.
The technical analysts over at AceTrader suggest: “Although cable has eased after intra-day rally to 1.6148 and sideways trading would be seen, as long as near term support at 1.6107 holds, bullishness remains for upmove from yesterday's low of 1.6005 to extend gain towards 1.6165 but resistance at 1.6195 would hold from here.”
They go on to state: “Buy again on dips with stop as indicated, break would risk stronger pullback to 1.6055.”
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