The pair has been
making lower lows and lower high for 6 weeks. Currently in Asia’s session, the
pair is trading at a 6-week low. The cable has parallel support at 1.6739 and
1.6699. A break below 1.6699 will lead to 1.666 and 1.6540 in the short term. Until the pair closes below 1.6875, sell on an
up move. So, we will raise profit in the short term with a downside target of 1.666
and 1.6550. For the month of August, the support levels existed at 1.6699 breaks
below this. It will lead to another fall to the short-term strong support
levels between 1.6653 and 1.6640.
Resistance 1.6890 1.6938 1.6980
Support 1.6739 1.6699 1.6650
The price is closing below the key hourly moving averages. Until the price closes below 1.6826, selling on an upward move will be quite gainful.
Resistance 1.677, 1.6802, and 1.6826.
Support 1.6739, 1.6723, and 1.67.
Buy only above
1.6825, until then sell on an up move.
The material has been provided by InstaForex Company – www.instaforex.com