For the last two days, Cable fell sharply, and the beginning of Wednesday was not at all different. GBP/USD made new lows, but the second half of the day brought us an upswing that helped the price draw the long lower wick on the daily chart. As we can see on the chart, up movement that was made at the end of the American session was not later on used by traders to open more long positions. During the Asian session, USD strengthened, and currently, price is just slightly above yesterday’s lows.
GBP/USD" title="GBP/USD" width="857" height="489">
Sentiment on the Cable stays negative, and it was proven by the bounce from the 1.5260 resistance. As long as Cable is traded below this line, traders should think more about looking for a good place to open short positions than looking for a bullish reversal.
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Cable Proves 1.5260 Resistance
Published 08/01/2013, 06:56 AM
Updated 01/31/2022, 02:45 AM
Cable Proves 1.5260 Resistance
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