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Strong bullish pressure was seen during retesting 50% Fibonacci, resulting in bullish engulfing candlestick extending further above 1.5400 (61.8% Fibonacci). This opened the way directly to 78% Fibonacci around 1.5550 which constituted temporary intraday resistance that held the price below for 5 days before bullish breakout took place on August 15.
The cable established ascending bottoms around 1.4800, 1.5100, 1.5210 and recently 1.5420 supporting the ongoing uptrend depicted in the chart.
Key Supply Zone is placed near 1.5750 and would be a clear target area for anyone buying this market.
Key demand levels are placed around 1.5530 and 1.5420, respectively. We can watch for the price action around those demand levels to get back in line with the uptrend.
Based on the chart above, the cable was trending up within the depicted ascending wedge, the upper limit of which is around 1.5690-1.5700 provided significant supply supported by the overbought state of the pair.
Bearish pressure was applied to visit the minor uptrend line located around 1.5560 which was broken down opening the way towards 1.5540 (78% Fibonacci Level and a previous broken top).
The price level of 1.5530 is a prominent target for the sellers off 1.5690, where bullish pressure may appear. That is why the price action should be watched there as fixation below 1.5540 will probably enable the bears to push towards 1.5415.
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