In light of the recent price action, Cable remains bid in the near term horizon, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“It has eroded the 1.3000/60 recent high and in doing so introduced scope to the 1.3446/60 September 2016 high. Intraday Elliott wave counts are implying that the market will fall short of this target. We also note the 13 count on the 60 minute chart and will wait to buy the dips - initial support lies 1.3000/60 and key support remains 1.2775/50”.
“The market should now find decent support circa 1.2775/50. Below 1.2750 there is scope for an extension to its 200 day ma and uptrend at 1.2556/1.2600”.
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