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1.6
61.8
1.58
1.56
50.0
1.54
38.2
1.52
1.5
1.48
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Comment: Cable is at last putting on some serious gains, retracing 61% of this year’s decline and making
inroads into a massive weekly Ichimoku ‘cloud’. Weekly moving averages look set to cross to bullish which ought to
turn momentum positive. The pace of the June/July rally adds weight to our view that declines since April are an
‘extension’ which has now been sorted. Despite fairly decent resistance at 1.5875 we favour a squeeze to 1.6000,
maybe 1.6500 this month/six weeks.
A weekly close below 1.5200 would force us to adjust.
Chart Levels:
Support Resistance Direction of Trade
1.5695 1.5875*
1.5500 1.6000
1.5395 1.6275
1.5200 1.6460*
1.5125* 1.6745**