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Cable staged an impressive outside day reversal yesterday. A Brexit poll showing Leave ahead was touted as a culprit. The pair traded up to 1.4640 in Asian session but then fell all the way to 1.4465 in European and N.A. session, closing near the low. It was unable to rally today, despite an improvement in Manufacturing PMI.
If it manages to hold below 1.45, further downside is likely with the first target 1.44 (50 DMA) and then 1.4325 - 1.4350 (May low, 100 DMA). 1.45 is the initial resistance and then 1.4565 (yesterday's European session low, also 2015 low).
If it manages to hold below 1.45, further downside is likely with the first target 1.44 (50 DMA) and then 1.4325 - 1.4350 (May low, 100 DMA). 1.45 is the initial resistance and then 1.4565 (yesterday's European session low, also 2015 low).
