Forex: Cable back above 1.5860, off fresh 2-month lows
FXstreet.com (Barcelona) - Cable has closed the opening gap lower to fresh 2-month lows at 1.5836, last at 1.5869, about flat from previous weekly close on Friday, and at session highs at the same time. Lack of economic data in the agenda for the London session ahead, and the US markets closed over holiday, will likely see a thin market price action, just above key Fibo area around the 1.5825.
As Valeria Bednarik, Chief Analyst at Fxstreet.com points out: "In the short term and according to the hourly chart, bears remain in control as indicators head strongly south in oversold territory, while 20 SMA now offers short term resistance around 1.5880, also past American session highs," the analyst notes, adding: "4 hours chart also presents a bearish tone, and as long as below 1.5910/20 the downside is favored towards 1.5770 static support," Valeria concludes.
She finds support levels at: 1.5820, 1.5770 and 1.5720, while resistance levels at: 1.5885, 1.5915 and 1.5950.
As Valeria Bednarik, Chief Analyst at Fxstreet.com points out: "In the short term and according to the hourly chart, bears remain in control as indicators head strongly south in oversold territory, while 20 SMA now offers short term resistance around 1.5880, also past American session highs," the analyst notes, adding: "4 hours chart also presents a bearish tone, and as long as below 1.5910/20 the downside is favored towards 1.5770 static support," Valeria concludes.
She finds support levels at: 1.5820, 1.5770 and 1.5720, while resistance levels at: 1.5885, 1.5915 and 1.5950.
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