It is a quite week in terms of UK economic data. UK GDP data is due today. Besides, the US FOMC statement is due on Wednesday. This week, traders remain focused on US data. The bunch of US important data is due this week.
At today’s session, traders eye the report on US core durable goods orders.
The cable managde to bounce from the swing support at 1.5450 following buying encouraged bulls to close above the 20&50Dsma at yesterday’s session.
Earlier, the cable made a strong ceiling at 1.5700. The cable broke a 3-month ascending trendline, still trading below it. In the four-hour chart, the cable fell below the bearish h&s pattern.
The 20Wsma is found at 1.5340, 100Dema is found at 1.5450, 200Dsma is seen at 1.5410, and 100Dsma is found at 1.5300. The weekly trading pattern is framed between 1.5440 and 1.5700.
Intraday resistance is seen at 1.5580, 1.5600 ,and 1.5620. Support is found at 1.5530, 1.5490, and 1.5440. Selling is available below 1.5530 and buying is available only above 1.5600. Panic is likely to be triggered below 1.5440.
InIn case bulls manage to hold the level of 1.5440, they will aim to reach 1.5600 and 1.5700. Bulls will get back on track only if they manage to close above 1.5700, until that selling on rises is in favor.
The material has been provided by InstaForex Company – www.instaforex.com