Cable: Intraday players eying support at 1.56600

GBPUSD H4

Cable continues to trade higher with the bulls now pushing for stops above the 1.58200 high. There are still a number of resistances levels to be mindful of on the topside starting with the 50 Fibonacci level that comes in at 1.58780, if a solid close is seen above the 50 Fibonacci level in the coming days the bulls will likely take back full control of Cable with little resistance in the way until the 61.8 Fibonacci level at 1.61870.

GBPUSD M30

As outlined on the 30 minute chart above the bulls continue to pick up Cable on 1:1 dips. The next support level likely being closely watch by intraday players will be the 1:1 (Purple) and 38.2 Fibonacci support at 1.56600, if this level is tested in the coming sessions and can attract some solid buying interest the stops above the 1.58200 level are likely to come under attack.

* A 1:1 refers to a current correction being equal in length to a prior correction