A glimpse of the four-hour chart and the last 16 bars shows you how light volatility is in cable currently. Levels remain the same. 1.2558 forming a very shot-term support. Below is the yearly lows at 1.2506. Any further then it's the 12 Dec low at 1.2477 and then 3 Jan low at 1.2434. 1.2367/1.2300 saw quite a bit of action back in 2017.
Short-term push above 1.2591/2600 could start given us a platform to build for 1.2748/.2814. Before then there may be a short resistance at 1.2641/60. Any low we make, be sure to get your fib on if we start to turnaround.
Nonfarm payrolls today, expect volatility around 13:30. Daily chart chart showing how weak sterling is, we may push down to the 2018 lows if weakness continues.
Pushing down towards the 50% at 1.1260 remains untouched with the 61.8% at 1.1224. A potential trend support at 1.1234 which has been holding since 23 May.
Above 1.1347 it's possible we resume the move for the major 23.6% (Feb 2018 to 2019 low) at 1.1451 which sits on the 20 March high. Above here then it's the 1.15 level which has seen some strong pullbacks when tested.
Daily chart showing gains from the 20 & 21 June unwinding. Trend support and 50-day SMA not too far off.
Yesterday's action reflected the lower volumes going through due to US Independence Day. The momentum is to the upside, trend channel on four-hour is valid with multiple touches either side. 12,785 is the top of the channel and a breakout we look for 12,869/952.
Rapid buying between 12,590/62, possible we may give this back if we get back down. 12,501/476 holding the weeks trading and the gap from last week is at 12,403. Trading is some way above the weekly pivot at 12,329.
Four-hour trend channel and market gap the main technical areas in focus.
Quiet yesterday due to the US holiday and today with non-farms we may see participants taking a long weekend. Markets hovering around the October 2018 high. Bulls looking for markets not to give to much ground back and continue building on recent strength.
A push back below 26,905/804 may put pressure on the buyers. Weekly pivot holding lows since Monday at 26,629. Gap left from last Friday at 26,585. 26,408 is a support which has held since 18 June.
Daily chart showing the new all time-highs. We will start to use this platform for a much longer-term push?