Supply zone located around 1.5550-1.5600 (the upper limit of the depicted bullish channel and 50% Fibonacci level) provided considerable resistance for the cable last week. It pushed the pair down to 1.5160.
Previous consolidation range above 1.5200 was broken down, breaking the lower limit of the ascending channel as well then we had daily closure below 1.5190 on Friday.
Today we are seeing some weak recovery off 1.5160. However, it is failing to consolidate above 1.5200 again.
Resistance levels: 1.5200, 1.5370, 1.5580, 1.5650, and 1.5850.
Support levels: 1.5085,1.5030, and 1.4975.
Breakdown of the recent low at 1.5310 then 1.5200 resumed the ongoing bearish momentum reaching down to 1.5160.
Failure of consolidation above 1.5200 again enables the pair to reach 1.5060 precceeded by minor demand level at 1.5150. However, stepping again above 1.5200 enables the pair to reach 1.5250 then 1.5330.
The next visit to the broken confluence zone at 1.5350-1.5370 stands as strong Intraday resistance, for the pair will probably provide a good SELL entry with SL just above 1.5400.
