During the previous trading day, the cable rallied higher but is currently rallying around a key resistance level 1.42572. As long as this level protects the upper side, we expect a possible rebound from it to pick a long term short position with an ultimate target at 1.36169. If the price should break above 1.42572 then we’ll wait for a confirmation that the price will continue upwards but should not go beyond the weekly resistance level 1.50150. Should this target be broken, then we expect a possible rally towards 1.55.
Wait for a clear rebound from 1.42572 to pick a short position towards 1.36169