Cable rose to 1.4549 as expected in Europe, but failed to take out the same and dipped to 1.4461 levels. The currency pair now trades around 1.4467 levels.
Outlook
Cable's failure to take out 1.4549 followed by a break below hourly 200-MA indicates a short-term top has been made around 1.4660 and the intraday outlook is now consolidation with negative bias.
Given the falling trend line on the hourly chart and an hourly below hourly 200-MA, the spot could extend losses 1.4440 levels.
On the higher side, break above 1.44 could be met with fresh offers. Bearish invalidation is seen only above 1.4549 levels.
Outlook
Cable's failure to take out 1.4549 followed by a break below hourly 200-MA indicates a short-term top has been made around 1.4660 and the intraday outlook is now consolidation with negative bias.
Given the falling trend line on the hourly chart and an hourly below hourly 200-MA, the spot could extend losses 1.4440 levels.
On the higher side, break above 1.44 could be met with fresh offers. Bearish invalidation is seen only above 1.4549 levels.
