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Cable staged an impressive rally on ECB day last week when it rallied more than 250 pips. It spent the last three days paring those gains. After a stop run below 1.50, the decline stopped and reversed in 1.4940 - 1.4960 support zone (Daily Wedge Bottom, 50's, Weeky Support 1).
The pair is currently back above 1.50 level with more supply likely waiting near 1.5040 - 1.5060 (50's, Weekly Pivot Point, Daily Resistance 1, Previous Day High). 1.50 level appears to be a bull/bear line in sand at the moment.
The pair is currently back above 1.50 level with more supply likely waiting near 1.5040 - 1.5060 (50's, Weekly Pivot Point, Daily Resistance 1, Previous Day High). 1.50 level appears to be a bull/bear line in sand at the moment.
