Cable topped out at 1.5930 last week and has been on the way south since the beginning of this week, falling in all three sessions so far. Previous three swings on a daily chart were 600 to 700 pips wide, so if one was to project that into the future, the current swing should extend to ~1.53.
But there's potentially very strong support zone sitting in between: historically proven 1.5450 - 1.5550 band with 50 and 200 DMA (the former is about to cross over the latter - a.k.a. Golden Cross), 50.0% and 61.8% retracement of the latest upswing and 1.55 big figure level.
But there's potentially very strong support zone sitting in between: historically proven 1.5450 - 1.5550 band with 50 and 200 DMA (the former is about to cross over the latter - a.k.a. Golden Cross), 50.0% and 61.8% retracement of the latest upswing and 1.55 big figure level.
