Similar to EURUSD, The Cable gain power with more bull jumping in the wagon. As most supply orders were cleared on the way up, we may expect smooth way upward toward two major resistance levels @1.5158 and @1.5932.
We draw two scenarios we would like to see. In Scenario A price may reject strongly by the lower level of compressed Supply @1.5158. For sure this level will bounce price for a while. With Scenario B Price will enter the consumed Supply zone for rather easy slide through all the way up to the upper level 1.5932, which would be the next test for the bulls.
Before price hit the power resistance of 1.5158, we are looking for good intraday entries to Long the cable.
We draw two scenarios we would like to see. In Scenario A price may reject strongly by the lower level of compressed Supply @1.5158. For sure this level will bounce price for a while. With Scenario B Price will enter the consumed Supply zone for rather easy slide through all the way up to the upper level 1.5932, which would be the next test for the bulls.
Before price hit the power resistance of 1.5158, we are looking for good intraday entries to Long the cable.
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