Resistance
1.5385 - Mon's high
1.5331 - Y'day's high
1.5275 - Mon's low
Support
1.5197 - Apr 23 low
1.5128 - 61.8% r of 1.4832-1.5607
1.5034 - Apr 4 low
. GBP/USD - 1.5218... Despite cable's recovery fm Mon's low at 1.5275 to 1.5331 in Asia y'day, the pair remained under pressure throughout the day, price fell below said 1.5275 in European morning due to the steep fall in eur/usd n eventually hit a near 3-week low at 1.5207 in NY afternoon.
. Y'day's euro-led selloff to 1.5207 signals fall fm May's 10-week peak at 1.5607 to retrace recent upmove fm Mar's 2-1/2 year low at 1.4832 remains in progress n as price is now trading below 21-hr n 55-hr emas, suggesting downside bias is seen for further weakness to sup at 1.5197, however, as hourly oscillators' readings have already displayed 'prominent' bullish convergences, steep fall below said lvl is not likely n price shud hold abv 1.5128 (61.8% r of
1.4832-1.5607) n bring a much-needed rebound later. On the upside, only a daily close abv 1.5331 wud confirm a temp. low is made n risk wud shift to the upside for subsequent rebound to 1.5385 n then 1.5426 later.
. In view of abv bearish view, we've exited our previous long position n look to sell cable on recovery for weakness twd 1.5197.
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Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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