22:02 UTC
Uptrend, stalling below 1.3500 · RSI 64 · price 1.34599
HH/HL chain from the mid-Oct low; breakout from the Sep–Oct base.
Cable has built a higher-high/higher-low sequence since the 1.3137 Oct low. It broke out of the late-Sep to mid-Oct 1.3180–1.3280 base and printed a higher low at 1.3272 on Oct 28. This week's post-midterm USD selloff carried the Oct–Nov rally to a 7wk high at 1.3503 and back above the 200-DMA near 1.3420. Thursday's 9-0 BoE hike was largely priced and failed to extend gains, leaving price stalled just under 1.3500. Price holds above EMA20 and EMA50, with RSI in the mid-60s, firm but short of overbought.
Support: 1.3420, 1.3272, 1.3137
Resistance: 1.3503, 1.3568
What it said to watch
- Daily close above the 1.3503 7wk high opens the path to the 1.3568 Sep high
- Daily close back below the 200-DMA around 1.3420 would undercut the range-break read
- Loss of the 1.3272 higher low, also below the higher-low trendline, breaks the HH/HL chain
- Oct–Nov rally fib: 38.2% near 1.3363 and 50% near 1.3320 mark the retracement zone on a pullback
- US NFP Fri 13:30 UTC could materially shift this read
- Bailey speaks Mon 9 Nov; UK Q3 GDP Thu 12 Nov