Trades in an up and down narrow range
Cable is trading up and down today in a narrow 62 pip trading range. The 22 day average range is 89 pips.
The price action has taken the price below the low from yesterday during the London morning session. That low reached 1.12840. The low yesterday reached 1.2846. The low today was the lowest level since July 12th and took the price below the 100 day MA at 1.28598, trend line support at the same level and the 61.8% of the move up from the June low at 1.2847. The problem? Like yesterday, the momentum faded. Sellers were forced to buy back and the move back above the cluster of support.
After a move to an intraday high at 1.2902 (around the 1.2900 natural resitance level), we are back down trying to push below the technical levels again.
This is the 3rd time. Will it be the charm? Or will it fail and find the dip buyers again.
The bias is more negative below the level, but it has to get and and stay below the lows and show more bearish love.....Targets if it finds the love include 1.2812 (low from July) and 1.2768
