FXstreet.com (Barcelona) - A quiet Asian session for Cable, last at 1.6084, near session highs, and about where it started, recovering from a session low at 1.6067. The pair is slightly lower for the week by 15 pips, bouncing from its weekly low Monday at 1.6006, unable yet to break above yesterday's high by late London session at 1.6085. No major risk events at sight for Cable for the London session ahead.
As Valeria Bednarik, Chief Analyst at Fxstreet.com, points out: “The hourly chart shows technical readings standing in positive, although now flat as per recent range; the upward potential however, has increased as price stands back above key 1.6065 level, with immediate resistance in the 1.6110/20 area, where intraday highs and lows converge with a daily descendant trend line coming from this year high,” the analyst says, adding: “In the 4 hours chart indicators are still below their midlines, yet heading higher while price holds above 20 SMA, pointing for an upward continuation, as long as 1.6065 keeps the downside limited,” Valeria concludes.
The analyst spots support levels at: 1.6065, 1.6025, and 1.6000, while resistance levels at: 1.6085, 1.6115, and 1.6140.
As Valeria Bednarik, Chief Analyst at Fxstreet.com, points out: “The hourly chart shows technical readings standing in positive, although now flat as per recent range; the upward potential however, has increased as price stands back above key 1.6065 level, with immediate resistance in the 1.6110/20 area, where intraday highs and lows converge with a daily descendant trend line coming from this year high,” the analyst says, adding: “In the 4 hours chart indicators are still below their midlines, yet heading higher while price holds above 20 SMA, pointing for an upward continuation, as long as 1.6065 keeps the downside limited,” Valeria concludes.
The analyst spots support levels at: 1.6065, 1.6025, and 1.6000, while resistance levels at: 1.6085, 1.6115, and 1.6140.
