Cable Achieves New Highs

The British Pound opened its first weekly trading with a bullish tendency within the upside as we expected, touching our first target 1.3310, posting high at 1.3327.

Technically, we tend to be positive, depending on the pair’s stability above the 1.3270 resistance level, which has now turned into a support level, in addition to the positive motive of the simple moving averages.

This encourages us to maintain our positive outlook, targeting 1.3350 as a first target, bearing in mind that trading above the last extends the pair’s gains, opening the way to a visit of 1.3380.

Only from below is the return of trading stability again below 1.3270 that delays the bullish chances, but does not cancel it, and we may witness a re-test of 1.3220 and it may extend to 1.3170 before resuming the rally again.

S1: 1.3270	R1: 1.3350
S2: 1.3220	R2: 1.3380
S3: 1.3170	R3: 1.3435