The cable is continuing its consolidation phase between 1.5590 and 1.5737. As of now, the pair made a triple top at the 1.5537 levels. The trading range is framed between 1.5590 and 1.5737. As of now, today the pair is unable to breach previous day's high. The mixed US data pushed the US dollar down against most of the pairs. The US consumer confidence report was weak, but the GDP expanded more than forecast in the 3rd quarter. The US dollar didn't respond to the positive GDP data. Maybe this a bit concern in the near term for bulls. As of now, in the weekly chart the cable has formed a double bottom at 1.5590. In case if the cable holds at the 1.5590, the double bottom can turn into a triple bottom on the weekly chart. In case if this happens, we can expect some technical bounce towards 1.5810 and 1.5880. Today, the focus shifts to US durable goods orders, personal sending, and the PCE price index. In the UK, second estimate GDP data will provide a clear picture. We recommend fresh buying above 1.5740 levels with the targets at 1.5770, 1.5800, 1.5850, and 1.5880. We recommend selling below 1.5670 with the targets at 1.5640 and 1.5630. In case if the cable falls below 1.5630, the last bulls' hope exists at 1.5590. Below this panic will be triggered for 100 or 150 pips down side. In the hourly chart, we can observe continuation of the symmetrical triangle. The height of the triangle is 147 pips.
Trade: Buying above 1.5740
The material has been provided by InstaForex Company - www.instaforex.com
