After a fake out of the range below 1.46330 to fill short orders, cable has been pushed higher and has now closed above KEY resistance at 1.50 printing a Bullish Marubzou on last Fridays close. This suggest strong upwards momentum on the pair.
On open, Cable faces resistance at the 1.52 handle, also being the 61.8% fib of the daily swing and a descending trendline. Looking left, we can see 1.52 as an area of resistance in January. A break, retest and close above this level should give £$ the steam to run to 1.5550 resistance.
We can also see a bullish MA cross and price has been able to cross through the Ichimoku cloud as further bullish confirmation.
On open, Cable faces resistance at the 1.52 handle, also being the 61.8% fib of the daily swing and a descending trendline. Looking left, we can see 1.52 as an area of resistance in January. A break, retest and close above this level should give £$ the steam to run to 1.5550 resistance.
We can also see a bullish MA cross and price has been able to cross through the Ichimoku cloud as further bullish confirmation.