The significant uptrend peaked at 1.5682 last week and the next important resistance is projected at 1.5750 corresponding to 61.8% Fibonacci.
Intraday support is projected at 1.5380 (SMA 100).
Price Level 1.5580 (50% Fibonacci) is expressing some bearish pressure on the cable today.
The pair is probably expressing 123 bullish reversal pattern that becomes confirmed with breakthrough of 1.5625.
Breakout of the bearish channel above 1.5150 confirmed the double bottom which initiated the ongoing bullish trend.
On Wednesday, 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 acute bullish movement expressed last week, the cable did not establish any significant support levels. However, the nearest one is located at 1.5345 (depicted 50% Fibonacci Level).
Breakdown of the recent low at 1.5485 enables the cable to reach 1.5345.
Price action should be watched around 1.5345 for a valid BUY entry with SL just below 1.5260.
