S1: 1.6690 – 28, 29-May lows
S2: 1.6661 – 15 Apr low
S3: 1.6600 – old tops
S4: 1.6556 – Apr low
The downtrend in Cable is continuing, with this week set to be the sixth consecutive one with a negative weekly close. The next key support level lies now at 1.6690, the 28/29 May low. Below there, 1.6626 is the 0.236 % Fibo level of the entire July 2013 – July 2014 rally. The daily RSI stands at 28.99 and there is a positive divergence pattern. While further losses seem more likely at the moment, techs suggest the pair could run into strong support in the mid-1.66′s area.
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