Cable extends advance on fresh risk appetite; Tuesday’s bullish engulfing underpins
Cable extends advance into second day, driven by fresh risk appetite on US stimulus package.
Bulls broke above Fibo barrier at 18323 (23.6% of 1.3199/1.1409), adding to positive signal on Tuesday’s bullish engulfing.
Fresh upside extension cracked falling 10DMA / thick 4-hr cloud base (1.1908/12), but facing headwinds at last Friday’s spike high (1.1933).
Round-figure resistance (1.20) comes in focus, ahead of more significant Fibo barrier at 20936 (38.2% 1.3199/1.1409), close above which would generate reversal signal on daily chart.
Daily RSI are heading north after emerging from oversold zone and momentum is rising after forming bullish divergence, being supportive for advance.
Broken Fibo 23.6% barrier (1.1832, reinforced by rising hourly 10MA) reverted to support, which is expected to hold and keep fresh bulls intact.
Res: 1.1933; 1.2000; 1.2017; 1.2093
Sup: 1.1832; 1.1799; 1.1746; 1.1662