Cable Coming Into Major Resistance Confluence:
The Cable has continued to roar higher, bolstered by a Dovish FOMC Wednesday. The pair is now up nearly 670 pips from the multi-year lows set on February 29th. Will the feat last though? Pair is approaching major resistance confluence as we come into the weekend.
Pair took out the descending wedge top last Friday (broken line), gave back the gains Monday and Tuesday, only to reverse back above post-FED. Resistance is the 1.45 – 1.4670 range marked by the February highs and former wedge support (1.4555 next week), a break above there would target the longer term wedge top below 1.4740. Initial support is the closing high from last week 1.4380, a break below there would put pressure back on this week’s lows above 1.4050.
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Oscar Goullet – @FXtechs
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