The CABLE confirmed a strong closing above the top of the previous session finding however good resistance below the 200 days line at 1,6142. The closing did however not confirm a break above the resistance of the inside day at 1,6110!! While above 1,6160, a s/t support line, we could well see another test on the upside.
The indicators of the daily chart are still positive but those of the s/t ones are still showing a mixed picture suggesting further consolidation. Only an hourly closing above 1,6143 will postpone further weakness suggesting a retest of the 1,6170 resistance area if not even a little higher levels. Possible s/t pressure should ifnd support at the 200 hours line at 1,6029.
We expect some more upside potential but we believe also that it is limited before the BOE meeting on Thursday!!
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FUTURE TREND RESEARCH