In the meantime, the points to watch remain largely unchanged. A move back to 1.5200 is possible, above which would return to the session high. Above 1.5225 (daily Tenkan) would open the path to Fibo levels of the fall from 1.5495 at 1.5240 (38.2%) and then to 1.5290 (50%) and to 1.5340 (61.8%).
The downside will find bids at 1.5150 (minor) and at 1.5100 and 1.5085. Below this would head back towards 1.5055, which is where the top of the previous long term descending channel lies. Back in the channel, would signal that the recent move higher was a false break and would signal further downside progress towards 1.5028 (50% pivot of 1.4565/1.5491) and 1.5000. Below here would open the way for a deeper decline to 1.4918 (61.8% of 1.4565/1.5491) and 1.4855 (21 April low) and 1.4785 (76.4%).
Today sees the services PMI but the real action will take place once the election result is known. Friday will be a busy session then, with both the Election result and the US NFP due. Overall, I prefer the idea of selling Cable, but choose levels carefully. It will be a wild ride!
Economic data highlights will include:
UK Services PMI.
The post GBPUSD: Cable firmer. UK election, Thursday, now the main focus. appeared first on FX Charts Daily.
The post GBPUSD: Cable firmer. UK election, Thursday, now the main focus. appeared first on www.forextell.com.