Cable looking bearish at week open 20th Jan.
Reasons for Bearish outlook
Daily RSI (7 day) at 44.1
Possible H&S forming
Symmetrical triangle formation
Bearish daily candle on Friday 17th
Close on Friday 17th was below both 10D EMA and 21D EMA
Break of lower trend line and price support zone of 1.2980 - 1.2960 could lead to stronger bearish moves. Triangle target (if lower trend line broken) is 1.26 area.
Daily RSI (7 day) at 44.1
Possible H&S forming
Symmetrical triangle formation
Bearish daily candle on Friday 17th
Close on Friday 17th was below both 10D EMA and 21D EMA
Break of lower trend line and price support zone of 1.2980 - 1.2960 could lead to stronger bearish moves. Triangle target (if lower trend line broken) is 1.26 area.