Cable may offer an investment opportunity, analysts say
The important technical resistance is at 1.6524
Technical analysts a Digital Look noted on Tuesday that cable has put on the breaks just at a 61.8% Fibonacci level of re-tracement and suggested that it may be the moment to take long-positions.
“The risk-reward equation is optimal for long-positions, although we must place a stop loss at Monday's low of 1.6210,” these experts said.
They added that the first price target would be the important zone of resistance located at the 19 September low of 1.6524.