22:01 UTC
Downtrend resuming, lower high in place · RSI 43 · price 1.32734
Lower high at 1.3503 below the 1.3675 Aug high; price back under flat EMAs testing the late-Oct low.
Cable has printed lower highs since the August peak at 1.3675. The rebound from the 1.3137 October low stalled at 1.3503, a lower high, after the hawkish BoE hike, and the hot US core CPI print on Tuesday triggered a sharp rejection that has taken price back below a flat ema50 at 1.3364 into the late-Oct low at 1.3272, which sits on the 61.8% fib of the Oct-Nov rally. RSI at 43 is off its 64 peak with ATR expanding toward 78 pips, so momentum is rolling over without being stretched.
Support: 1.32723, 1.31807, 1.31367
Resistance: 1.33637, 1.3503, 1.36754
What it said to watch
- Daily close below the late-Oct low at 1.3272 confirms a lower low and opens the sep low near 1.3181, then the october low at 1.3137
- Daily close back above the ema50 at 1.3364 negates the CPI rejection and returns focus to the nov high at 1.3503
- Only a close above the aug high at 1.3675 breaks the Aug-Nov lower-highs line
- UK Q3 GDP Thu 07:00 UTC and US PPI Fri 13:30 UTC could materially shift this read