Looking for longs around the 1.31 handle today...
A string of disappointing UK data hit the wire yesterday, forcing cable to fall sharply into the close. Several technical supports were engulfed during this assault, with price only finding support once it connected with 1.3174, which, as you can probably see, merges nicely with a H4 trendline support taken from the high 1.3371.
Now despite this support currently holding ground, our team is not going to be looking to buy from here today unless a decisive close is seen above the 1.32 handle which we do not think will happen. In addition to this, there is a far more attractive H4 buy zone seen below around the 1.31 handle/1.3085 range (green rectangle). Collectively this area comprises of a H4 harmonic Bat completion point, a H4 61.8% Fib support at 1.3085 (taken from the low 1.2865) and also converges beautifully with the top edge of a daily support area coming in at 1.3064-1.3104.
Our suggestions: We would not advise placing a pending buy order around the 1.31 range simply because we have UK labor data scheduled for release at 9.30am GMT today, and also weekly action shows room to continue lower down to support at 1.2942! Waiting for a bullish H4 close to form prior to pulling the trigger would, in our opinion, be the safer route to take in this situation.
Now despite this support currently holding ground, our team is not going to be looking to buy from here today unless a decisive close is seen above the 1.32 handle which we do not think will happen. In addition to this, there is a far more attractive H4 buy zone seen below around the 1.31 handle/1.3085 range (green rectangle). Collectively this area comprises of a H4 harmonic Bat completion point, a H4 61.8% Fib support at 1.3085 (taken from the low 1.2865) and also converges beautifully with the top edge of a daily support area coming in at 1.3064-1.3104.
Our suggestions: We would not advise placing a pending buy order around the 1.31 range simply because we have UK labor data scheduled for release at 9.30am GMT today, and also weekly action shows room to continue lower down to support at 1.2942! Waiting for a bullish H4 close to form prior to pulling the trigger would, in our opinion, be the safer route to take in this situation.
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