Looking at the weekly chart zoomed out we have been in a pretty tight range range since the end of July 2011. Give or take it’s been 1400 pips. That’s in stark contrast to the EUR/USD move in the same period (2450 pips down and 1650 up). Cables slide has accelerated the last few months and we find ourselves approaching the lows around 1.5235/65. This level has held three times in the last 2 years. There’s a few obstacles in the way but this level will be very important should we get near enough. On the topside 1.6300 has held bar one break.
Getting in closer we find there’s not much to the upside with MA’s well above the market from the 4 hourly outwards. Closer to home we have the H1 55 ma at 1.5496, 100 ma at 1.5540, 38.2 fib from 8th Feb/18th feb swing at 1.5592 & the 200 ma at 1.5620
Further levels and summary are as follows.
Above
- 1.5644 res
- 1.5620 H1 200 ma
- 1.5590/00 strong res
- 1.5555 res
- 1.5500/10 res
Below
- 1.5420 sup
- 1.5375/80 strong sup
- 1.5300 prev sup and options