Cable has ratcheted higher after yesterday's sell-off from 1.5893 to 1.5770, suggests that as long as NY support at 1.5784 holds, consolidation with mild upside bias would be seen for gain to 1.5830/35 and possibly towards 1.5847/53 but 1.5893 res would remain intact.
For stop trade, buy on dips with stop as indicated, break would signal fall from 1.5924 has resumed, 1.5770.
Range Forecast
1.5795 / 1.5825
Resistance/Support
R: 1.5832/1.5853/1.5893
S: 1.5784/1.5770/1.5749
Last Update At
23 Mar 2012 02:24 GMT
Rate
1.5818
Strategy/Entry Level
Buy at 1.5800 for st trade
Objective
1.5835
Stop-Loss
1.5780