Cable extends advance, eyes 1.15 barrier
Cable surges above 1.14 handle in European trading on Monday, in extension of Friday’s bounce from strong support at 1.1150 (Fibo 38.2% of 1.0348/1.1645) where a double bottom was left.
Fresh advance was sparked by renewed risk mode and so far retraced slightly over 61.8% of 1.1645/1.1146 bear-leg, generating a reversal signal.
Daily studies are turning to bullish configuration as positive momentum is strengthening and RSI / Stochastic are heading north.
Close above daily Tenkan-sen (1.1395) is needed to keep bulls intact for push through pivots at 1.1500/1.1527 (psychological / Fibo 76.4%) that would confirm reversal and open way towards Oct monthly peak at 1.1645.
Broken top of thick daily cloud (1.1321) marks pivotal support, loss of which would weaken near-0term structure.
Res: 1.1470; 1.1500; 1.1527; 1.1566
Sup: 1.1395; 1.1337; 1.1290; 1.1264