Cable's rise from 1.9599 continues today and extends further to as high as 1.9979 so far. As discussed before, break of the falling trend line and 1.9894 resistance confirms that whole decline from 2.0391 has completed in form of a falling wedge at 1.9593. At this point, intraday bias remains on the upside as long as 1.9882 minor support holds. Further rally should be seen to 2.0391 and probably to test 2.0464 medium term fibo resistance. On the downside, below 1.9882 minor support will turn intraday outlook neutral first. But pull back should be contained well above 1.9689 support and bring rally resumption.
In the bigger picture, down trend from 2.1161 have made a low at 1.9337. Recent price actions suggest that rebound from 1.9337 is still in progress and is set to have another rise to 2.0391 and above. However, with 61.8% retracement of 2.1161 to 1.9337 at 2.0464 remains intact, whole down trend from 2.1161 is probably still in force and is in favor to extend further.
Though, on the upside, firm break of 2.0464 fibo resistance will dampen this view and could then bring retest of 2.1161 high. Meanwhile, on the downside, below 1.9599 is now needed to turn short term bias back to the downside for retest of 1.9337 low.
In the bigger picture, down trend from 2.1161 have made a low at 1.9337. Recent price actions suggest that rebound from 1.9337 is still in progress and is set to have another rise to 2.0391 and above. However, with 61.8% retracement of 2.1161 to 1.9337 at 2.0464 remains intact, whole down trend from 2.1161 is probably still in force and is in favor to extend further.
Though, on the upside, firm break of 2.0464 fibo resistance will dampen this view and could then bring retest of 2.1161 high. Meanwhile, on the downside, below 1.9599 is now needed to turn short term bias back to the downside for retest of 1.9337 low.