Cablefaces channel resistance at 1.4420, good to sell on rallies
Pattern formed- Channel pattern
Major resistance – 1.4420 (trend line joining 1.43626 and 1.4407)
Major support -1.4260 (trend line joining 1.4079 and 1.4170)
The pair has made a high of 1.4413 and started to decline from that level. It is currently trading around 1.43630.
On the higher side any break above 1.4420 will take the pair to next level around 1.4450/1.4500.
Cable is facing short term support around 1.4350 and break below will drag the pair further down till 1.4300/1.4270/1.4250 level.
It is good to sell on rallies around 1.4365-1.4370 with SL around 1.4420 for the TP of 1.4270.
Major resistance – 1.4420 (trend line joining 1.43626 and 1.4407)
Major support -1.4260 (trend line joining 1.4079 and 1.4170)
The pair has made a high of 1.4413 and started to decline from that level. It is currently trading around 1.43630.
On the higher side any break above 1.4420 will take the pair to next level around 1.4450/1.4500.
Cable is facing short term support around 1.4350 and break below will drag the pair further down till 1.4300/1.4270/1.4250 level.
It is good to sell on rallies around 1.4365-1.4370 with SL around 1.4420 for the TP of 1.4270.