Daily Pivots: (S1) 1.9554; (P) 1.9671; (R1) 1.9743;
Cable’s rebound from 1.9599 resumes after brief pull back. Intraday bias is now on the upside as long 1.9688 minor support holds. Focus is on falling trend line resistance (now at 1.9864.) As discussed before, break of the falling trend line and 1.9894 resistance will confirm that whole decline from 2.0391 has completed in form of a falling wedge at 1.9593. In such case, stronger rally should be seen to 2.0391 or higher. On the downside, below 1.9688 will turn intraday outlook neutral again.
In the bigger picture, down trend from 2.1161 have made a low at 1.9337. Corrective rebound from 1.9337 has possibly completed with three waves up to 2.0391 but subsequent price actions are not convincingly supporting this case yet. Sustained break of the trend line resistance and 1.9894 resistance will indicate fall from 2.0391 has completed. But still, with 61.8% retracement of 2.1161 to 1.9337 at 2.0464 remains intact, the fall from 2.1161 is still expected to extend further.