The cable’s overnight pullback from the vicinity of the 61.8% Fibonacci level of the 1.3200-1.1412 steep decline showed some resilience below 50% Fibo. level, FXStreet’s analyst Haresh Menghani briefs.
Key quotes
“It will be prudent to wait for a sustained weakness below the 50% Fibo. level of the 1.3200-1.1412 steep decline before positioning for any further near-term depreciating move. Below the mentioned support, the pair is likely to accelerate the slide further towards testing support near the 1.2200 round-figure mark.”
“On the flip side, the 1.2400-1.2410 region now seems to have emerged as an immediate resistance, which if cleared decisively should assist the pair to make a fresh attempt towards conquering the key 1.2500 psychological mark (61.8% Fibo.).”
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