Despite Cable’s erratic move from the low of 1.2980 to 1.3090 the bias remains bearish, given the daily close below 1.3056 on Monday and the downward sloping money flow index.
On the hourly time frame, the money flow index has turned lower from overbought territory and the spot is now struggling to hold above 1.503 (5-DMA) levels.
A break below daily low of 1.2993 appears likely in which case the spot may extend the slide to 1.29323. A daily close today below 1.30 handle would confirm the spot is heading towards port Brexit low of 1.2789.
On the higher side, only a breach of 10-DMA could signal short-term bearish invalidation.
On the hourly time frame, the money flow index has turned lower from overbought territory and the spot is now struggling to hold above 1.503 (5-DMA) levels.
A break below daily low of 1.2993 appears likely in which case the spot may extend the slide to 1.29323. A daily close today below 1.30 handle would confirm the spot is heading towards port Brexit low of 1.2789.
On the higher side, only a breach of 10-DMA could signal short-term bearish invalidation.
