Cable is rolling over in a clean sequence of lower highs and lower lows, having sliced through the April ascending trendline as a hawkish Fed dot-plot and broad USD strength overrode an active BoE hold and a strong UK retail beat. The 141-pip impulse bar through 1.3300 confirmed the breakdown, and price is now consolidating just above the 1.3163 swing low with ATR expanded. Bounces have stalled around 1.3253, keeping the 1.3300 May trough well above current price.
Support: 1.3163, 1.3150
Resistance: 1.3253, 1.3300
What it said to watch
H4 close below 1.3150 March low exposes 1.3065/1.3000
Reclaim of 1.3300 may trough needed to neutralise the breakdown
S&P Global flash PMIs (Mon/Tue) could materially shift this read
19:32 UTC
Downtrend, extending · RSI 40 · price 1.3228
Lower highs and lower lows since 1.3461 swing high.
Cable broke its April ascending trendline and printed fresh April lows at 1.3163, with sequential lower highs and lower lows since the 1.3461 swing high. A hawkish Fed and firm USD overrode a hawkish BoE hold and a hot retail beat, while UK political/fiscal risk added to the drag. ATR(14) expansion through the move signals trend extension rather than compression, with price now consolidating below the 1.3250 recent high.
Support: 1.3163, 1.3065
Resistance: 1.3250, 1.3300
What it said to watch
Break of 1.3163 april low exposes SocGen's 1.3065 target
Reclaim of 1.3300 may trough needed to neutralise the downtrend
Mon/Tue S&P Global flash PMIs could materially shift this read