It's a quiet week ahead for the UK. After a huge consolidation, finally the cable broke below the support level. It indicated a further downside journey in the coming session. We recommended selling on every rise and we are repeating the same this week. This week the major economic event, Manufacturing production data, falls on Tuesday, December 09th. The cable closed below the consolidated level. The nearest resistance exists at 1.5580 and support exists at 1.5500 levels. In case if the prices fall below 1.5500, we can expect 1.5430 or 1.5420 in the near term. On Friday, we recommended selling at 1.5660 with the target at 1.5585, the pair made a low at 1.5570. The weekly resistance exists at 1.5650 and weekly support exists at 1.5500 and 1.5430. We recommend selling on every upswing. For an intraday view, the prices are closed and trading below 12ema and 34hrsma. The cable has hourly support at 1.5560 and resistance at 1.5605. For an intraday view, until the price are traded and close below 1.5640, use every rise to sell. We recommend fresh selling below 1.5560.
Support: 1.5560, 1.5525, 1.5500.
Resistance: 1.5590, 1.5605, 1.5640.
The material has been provided by InstaForex Company - www.instaforex.com
