On the daily chart the cable has confirmed a rising wedge continuation pattern with daily closure above 1.5260 which has a projection target around 1.5490.
Today the pair is meeting a significant supply zone located between 1.5460-1.5500 which comes to meet 100-day SMA on the daily chart. Hence, it is a zone of strong resistance which will probably pause the bullish movement looking for some bearish retracement.
Supply Zones: R1 around 1.5460, R2 around 1.5630, and R3 around 1.5830.
Demand Zones: S1 around 1.5200, S2 around 1.5030, and S3 around 1.4830.
On the 4H chart, the pair has dependable demand level around 1.5365 which may provide a valid BUY entry on the next bearish retracement. Another demand zone is located around 1.5220 - 1.5200 which corresponds to the backside of the confirmed wedge pattern.
Today, the bulls seem to be establishing a new Supply Zone around 1.5420. In case of its stabilization, the cable will be targeting 1.5520-1.5550 initially.
Fundamentally, there is no significant data from the UK to be released today and the market is still reacting to the rise in the economic growth size released yesterday.
