Despite solid inflation numbers (particularly retail measures), Cable turned lower yesterday and continued to decline in the aftermath of a decent US retail sales report. Though, the direction is not clear at the moment as this is all likely a part of pre-FOMC consolidation.
Initial support is seen at 1.5320 - 1.5335 (Low Of Day, Previous Day Low, 50.0% retracement of the September 4th to September 10th upswing) and then at 1.5280 - 1.5300 (00's, Daily Support 1, 61.8% retracement). Some resistance may be found in 1.5370 - 1.5380 band (Monday low, Daily Pivot Point) and then more between 1.5400 and 1.5430 (1.54 pivot, 00's, H1 50 SMA, H1 100 SMA, Daily Resistance 1, W1 50 SMA).
Initial support is seen at 1.5320 - 1.5335 (Low Of Day, Previous Day Low, 50.0% retracement of the September 4th to September 10th upswing) and then at 1.5280 - 1.5300 (00's, Daily Support 1, 61.8% retracement). Some resistance may be found in 1.5370 - 1.5380 band (Monday low, Daily Pivot Point) and then more between 1.5400 and 1.5430 (1.54 pivot, 00's, H1 50 SMA, H1 100 SMA, Daily Resistance 1, W1 50 SMA).