The cable managed to close with marginal gains erased half of its intraday gains. The cable is currently moving in a tight range.
At today’s Asian session, Gfk consumer confidence is in the limelight. The UK Consumer Confidence Index increased by six points to 7 in June. Today, traders eye the final GDP on quarterly basis and current account data. Besides, US consumer confidence data is due.
Technical view: The cable managed to breach the falling bearish channel consolidating in a tight range of 138 pips between 1.5665 and 1.5803. The weekly resistance is seen at 1.5805, 1.5870, and 1.5950. Today’s closing is likely to determine the situation for coming weeks. We recommend buying on every dip with sl 1.5170. The cable is fundamentally strong and technically well-built. The weekly support is found at 1.5650 50Wsma, 1.5550, and 1.5490. In case of a daily close above 1.5805, bulls will aim for 1.5860 and 1.5950 in a day or two.
Intraday resistance is seen at 1.5740, 1.5780, and 1.5805. Buying is available above 1.5740 towards the next resistance levels. Bullish strong momentum is expected above 1.5805. Intraday support is found at 1.5720, 1.5690, and 1.5665. The cable is likely to re-test 1.5700/1.5690 before making the next leg up. Buyers can open small buying positions with sl 1.5665. Selling is likely to get more active below 1.5660 with targets at 1.5635, 1.5620, and 1.5550. Safe selling is available below 1.5620.
The material has been provided by InstaForex Company – www.instaforex.com