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The cable changed its direction supported by 20Wsma moving towards 1.6000 another 500 pips higher later. After the FOMC's dovish comments, the cable extended its rally managing to close above 200Wsma. The parallel resistance is seen at 1.5930 50Msma and 1.5950 200Wema.
Owing to lack of major economic data from the UK, the market depends on US data. Today, traders eye US existing home sales data. Negative readings may help cable bulls to make 1.5930 and 1.5960. Bulls must close above 1.5950 to paint the fresh bullish head room.
The weekly resistance seems at 1.5950 and 1.6050. The support finds at 1.5800 and 1.5690. The cable is heading towards higher highs and higher lows. Traders can remind our positional buying advise to trade at sl 1.5170 with targets at 1.5400 and 1.5700. It extended to 1.6000 Later.
For an intraday session, the cable favours buying above 1.5900 with targets at 1.5915, 1.5930, and 1.5950. In the extreme case, bulls will aim for 1.6000 and 1.6030. The cable is trading near the major resistance zone. On the down side, selling is available below 1.5830 with targets at 1.5810 and 1.5780. The selling accelerates below 1.5770 towards 1.5670 and 1.5650.
To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com
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