Cable retreats after failing to breach the March highs near 1.4245
I mentioned earlier in the week that this was a level that will at least see a test given the momentum in the pair, but failing to break above this level may just put a pause on the upside for the time being.
The trading range on the day remains narrow - a mere 24 pips but cable is now to back to the lower end of that range at 1.4228.
For support to the downside, the 100-hour MA will be next relevant support level as it was the level that helped stall yesterday's fall. Meanwhile, topside resistance sits at the March highs of 1.4245 and the year's high coinciding with the 76.4/23.6 retracement level on the daily chart:
Meanwhile, assessing cable's seasonal performance so far it is up by 1.56% - keeping in line with the pattern of ten consecutive April gains thus far at least.
