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FxWirePro: Don’t trim Cable’s gains by going long – testing resistance at steeper trend line of falling wedge

The pair is on the verge of falling wedge pattern completion, as a result  more dips are underway blending with supportive bearish indications.

So going long at this juncture is not advisable, a decisive breach above steeper trend line of falling wedge pattern would only generates bullish signs that too after substantiation from other reliable indicators. Until then stay calm with existing shorts and fresh longs are not desirable.

The pair has been struggling to hold onto the resistance levels at 1.52 regions from last 3 consecutive trading sessions (see rectangular grey shaded areas).

Leading oscillators (RSI and stochastic) indicate downward convergence with price slumps.

While the current spot FX is sliding below to reach near 21DMA on daily chart and on weekly still maintained below this lagging indicator that signifies these price dips to prevail further.

So for now, the recommendation is to short the rallies for 1.5025 again with a strict stop at 1.5205 levels.

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