01/07 Cable continues to fall


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Cable continues to fall ahead of U.K Manufacturing PMI. Candles continue to remain within the trend channel although bearish movements started to slow down as observed by the short bearish candles over the week. Prices continue to remain just below 1.57 but we may possibly see prices finding support at 1.5683.

 

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Observing the H4 chart, candles were observed to find support at 1.5683 twice with candles now re-testing the support for the third time. Should candles once again be supported, we should see a rebound of prices toward the resistance at 1.5790 this week. For aggressive traders, it is possible to engage in a buy limit at price 1.5683 but do be cautious of the release of U.K Manufacturing PMI which may send prices going in either direction.

 

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

Focusing on the hourly chart, candles were observed to be supported at 1.5683. Traders can engage in a longing position towards the resistance at 1.5765. However, given that U.K Manfacturing PMI is to be released later in the day, traders should trade the impulse of the news given that uncertainty within the market may continue to pose as a threat.

 

Trend Direction
 S3
S2
S1
R1
R2
 R3
 
Bearish if prices hold below 1.5672 1.5594 1.5648 1.5672 1.5790 1.5850 1.5910

 

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