Cable is holding within triangular consolidation under fresh 15-month high at 1.3618, with downside pressure growing after Monday’s close in red, triggered by profit-taking and comments from BoE governor Carney, who disappointed markets by not specifying when the central bank might raise interest rates.
Yesterday’s easing found footstep at 1.3464, but overbought daily studies weigh on near-term action, which was so far limited by hourly cloud top (1.3551) that keeps the downside vulnerable.
Violation of Monday’s low would generate stronger bearish signal, while extension below pivot at 1.3439 (Fibo 38.2% of 1.3148/1.3618 upleg) is needed to confirm correction.
Alternatively, sustained break above very thick hourly cloud (spanned between 1.3551 and 1.3383) will be bullish signal.
However, the pair may remain within extended consolidation while pivotal boundaries stay intact
Res: 1.3551, 1.3582, 1.3618, 1.3646
Sup: 1.3487, 1.3465, 1.3439, 1.3383
