Cable rose for the Thursday session on the bullish pressure in this pair. The 1.58 level has been supportive, and the 200 day exponential moving average is just below, offer a greater reason to get long. However, the market will find the 1.60 level to be very resistive as the market has found it to be tough over the last couple of months.
The market will have to break the recent highs on its daily close in order for us to get long at this point, as the upside looks limited currently. The 1.58 level looks very supportive, and we are waiting to see if the bears can push this pair below that mark on a daily close in order to short. In the meantime, we are simply flat of this market.
Written by FX Empire