Cable is trading near new multi-month low (1.1717) posted today, keeping firm bearish stance, additionally boosted by terrible UK manufacturing PMI data for August that add to fears the economy is sliding into recession.
Bears probed below 2022 low (1.1760) but need a clear break here to confirm a double -top at 1.2293/1.2276 (Aug 1 /10 tops) and resume larger downtrend, though Monday’s failure to close below this level and today’s quick bounce from new low, warn that the action may hold for consolidation before bears regain full control.
Oversold daily studies support the notion, with limited upticks to be ideally capped at 1.1900 zone and keep intact upper breakpoint at 1.20.
Res: 1.1784; 1.1836; 1.1886; 1.1925.
Sup: 1.1717; 1.1700; 1.1634; 1.1556.
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