Dollar weakness sees cable break near-term trendline resistance

Technical Analysis

Author: Justin Low | gbpusd

Cable touches above 1.3900 again, and breaks free of trendline resistance on the hourly chart

Yesterday's spike in cable saw it stall at the trendline resistance level formed from 2 February to 8 February. But buyers managed to hold up on the 100-hour MA as the pair closed higher on the day with the dollar being weak.

And the bout of dollar weakness moments ago sees the pair break 1.3900 but more importantly buyers saw a break above the trendline resistance. That should give more conviction for price to move higher for now.

The next resistance level to look out for is the 200-hour MA (blue line) at 1.3944.


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