20:02 UTC
Range-bound, flat macro trend · RSI 52 · price 1.34593
1.3140-1.3675 range with lower highs since Feb.
Cable has been range-bound between the 1.3140 range floor and the 1.3675 range top since the February year high at 1.3733. The floor held in March, June and October, and the lower highs since February keep the upper boundary capped. Price sits mid-range at 1.3459, just above a flat W1 EMA(50) near 1.3415 and the 1.3400 round number, with RSI near 52 showing no extreme. USD found fresh demand after the 165K NFP beat lifted December Fed hike odds, while the BoE's 9-0 hike vote is already largely priced. The rebound off the October low now faces the 1.3500 psych level, which lines up with the 61.8% fib of the year-high-to-range-floor decline.
Support: 1.3400, 1.3140
Resistance: 1.3500, 1.3675, 1.3733
What it said to watch
- Weekly close back below the 1.3400 round number and W1 EMA(50) returns price to the lower half of the range
- Weekly close above the 1.3500 psych level and 61.8% fib opens the path to the 1.3675 range top
- Weekly close below the 1.3140 range floor would end the range regime after three successful tests
- A close above the 1.3733 year high would break the lower highs sequence and shift the regime to trending
- US CPI (Tue Nov 10) and UK Q3 GDP (Thu Nov 12) could materially shift this read