Major support – 1.24120 (Jan 31st low)
Major resistance – 1.27075 (1.13% retracement 1.26735 and 1.24130)
Cable declined sharply after making a high of 1.27058 in the previous week. The pair made a low of 1.24274 slightly above previous week low of 1.24120 and slightly jumped from this level.
The pair upside is capped by 23.6% fibo and also psychological level of 1.2500. Any break above that level will take the pair till 1.2547 (10- day MA)/1.25990 (23.6% retracement of 1.27085 and 1.24274).
On the lower side, any break below 1.24100 will drag the pair till 1.23475 (50% retracement of 1.19860 and 1.27058)/1.2300.
Overall bearish invalidation only above 1.27800.
It is good to sell on rallies around 1.2500 with SL around 1.2570 for the TP of 1.2420/1.2350
Major resistance – 1.27075 (1.13% retracement 1.26735 and 1.24130)
Cable declined sharply after making a high of 1.27058 in the previous week. The pair made a low of 1.24274 slightly above previous week low of 1.24120 and slightly jumped from this level.
The pair upside is capped by 23.6% fibo and also psychological level of 1.2500. Any break above that level will take the pair till 1.2547 (10- day MA)/1.25990 (23.6% retracement of 1.27085 and 1.24274).
On the lower side, any break below 1.24100 will drag the pair till 1.23475 (50% retracement of 1.19860 and 1.27058)/1.2300.
Overall bearish invalidation only above 1.27800.
It is good to sell on rallies around 1.2500 with SL around 1.2570 for the TP of 1.2420/1.2350
