22:02 UTC
October recovery stalling, lower high below August peak · RSI 48 · price 1.33442
Higher lows off the 1.3137 October low now tested; lower high at 1.3503 vs 1.3675 August high.
Cable has built higher lows since the 1.3137 October low, but the nov high at 1.3503 met rejection at the 61.8% retracement of the August–October decline, leaving a lower high beneath the 1.3675 aug high. Tuesday's hot US core CPI reversed the bar from 1.3459 to a 1.3312 low. The close sits below the flat ema20 (1.3370) and EMA(50) (1.3367) and through the rising line off the October low, with ATR expanding to 77 pips.
Support: 1.33121, 1.32723, 1.31367
Resistance: 1.33696, 1.3503, 1.36754
What it said to watch
- Daily close below the 1.3312 nov 10 low exposes the oct 28 low at 1.3272; a break there ends the higher-low sequence from the oct low at 1.3137
- Reclaiming the ema20 near 1.3370 restores the recovery read; a close above the 1.3503 nov high breaks the lower-high line from the aug high
- UK GDP Thu 07:00 UTC (QoQ f/c 0.7%) and Fed speakers through Thursday could materially shift this read