The trend line (Pink) at 1.53400 and the better than expected NFP out of the US capped the recent run higher in Cable. The market will need to see a strong close back above Fridays high before the medium term bulls emerge again, however a failure to do so will see a push for stops below 1.51500.
Intraday players have been seen buying against the 38.2 fib at 1.52120 in Asian trade, a close above 1.52800 could see the momentum pick up on the topside, a break back below the 38.2 fib however will see a number of intraday stops tripped with the next support not until 1.51700, 40 pips lower.
* A 1:1 refers to a current correction being equal in length to a prior correction
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