Cable got a lower Gap of 150+ pips on the opening of this week’s trading on the back of Scottish independence sentiments gaining headwinds.
The support of 1.616 was last seen on the 1st of September 2013 as well. Breaking through the previous support of 1.626 as seen on the Fibonacci level, this divides opinion on the pair’s trend.
We believe the impact of the Scotland’s “Yes” vote on cable will be massive on the 18th of September.
Resistance levels: 1.624-1.628, 1.6325
Support levels: 1.614-1.616