The significant uptrend peaked at 1.5682 yesterday and the next important resistance is projected at 1.5460. Intraday support is located at 1.5460, followed by the most important one at 1.5365.
Breakthrough of 1.5320 (the high of May 16) then 1.5370 exposed 1.5570 which is the nearst resistance zone for the pair.
Price Level 1.5580 (50% Fibonacci) is expressing quite significant bearish pressure on the cable today.
Breakout of the bearish channel above 1.5150 confirmed the double bottom which initiated the ongoing bullish trend.
Yesterday, the pair exceeded its average daily range by almost 120 pips, this thing enhanced the bearish retracement especially after hiting 1.5570 the major resistance on the daily chart.
Due to yesterday's acute bullish movement, the cable did not establish any significant support levels. However, the nearest one is located at 1.5345 (depicted 50% Fibonacci Level).
Price action should be watched around 1.5345 for a valid BUY entry with SL just below 1.5260.
