The cable managed to post small gains after the busy key results day. The UK retail sales rebound strongly in October. The sales volumes rose by 0.8%, led by furniture purchases. In the US, CPI data met the expectations, Philadelphia-area factory gauge data soared and the unemployment claims almost unchanged. The weekly returns turn to positive after a consecutive 4-week decline. At yesterday's session, the cable rejected at 50hrsma. The cable has been trading in a tight range between 1.5736 and 1.5590. In case an hourly candle closes above 1.5740, the cable can challenge 1.5760 and 1.5800 levels. The prices are trading and closed above 12ema and 34hrsma levels. We recommend fresh selling below 1.5660. Either side break from the tight trading range will give room of 100 or 140 pips in intraday. In case a daily close is below 1.5590, the cable can extend its downtrend towards 1.5460, 1.5450, and 1.5430. The prices are taking support at 1.5590, we can call it a minor double bottom. The prices are making lower highs in the hourly chart.
