Cable bounces back to 1.3550 zone in early Monday’s trading, sidelining downside risk, signaled by Friday’s strong fall that formed bearish Outside Day.
The price remains within one-week congestion between 1.3451 and 1.3655 and showing no clear direction while within the range.
Near-term action regained momentum on today’s bullish acceleration, eyeing initial barriers at 1.3585/95 (last Thu/Fri tops) firm break of which would trigger final push towards 1.3655 pivot (20 Sep spike high).
Daily studies remain in firm bullish setup and supportive for further upside. Sustained break above 1.3655 would open way towards next target at 1.3837 (Fibo 61.8% of 1.5016/1.1930 descend).
Short-term action remains also underpinned by thick weekly cloud (spanned between 1.3473 and 1.2371).
Conversely, bearish action through 1.3450 pivot (congestion low/Fibo 23.6% of 1.2773/1.3655 rally/rising 10SMA) would signal deeper pullback.
Res: 1.3570, 1.3595, 1.3618, 1.3655
Sup: 1.3471, 1.3450, 1.3402, 1.3318
