The 1:1 at 1.5660/70 continues to offer support for cable bulls
The 1:1 (Blue) at 11.5660/70 has attracted further buying interest from the bulls with the level holding for the second time on Monday after the gap lower on continued uncertainty in Greece. There are now likely a number of stops starting to build either side of 1.5660 and 1.5810 with the market now having traded in the tight 140 pip range for the past 5 days.
Any break on the downside will still see a number of significant support levels that could attracted the buying interest of the bulls, however, any break on the topside sees little resistance until the current high which sits just above the 50 Fibonacci level at 1.5930.
In my opinion the best trades moving forward will be to buy into dips on a solid break and close above the 1.5810 level and sell into any rallies if a solid close is see below the 38.2 Fibonacci level at 1.5638.
GBPUSD H1
* A 1:1 refers to a current correction being equal in length to a prior correction
