Cable is in a very similar situation as the EUR/USD. The recent uptrend is very strong, and allowed this pair to set new long-term highs (the highest levels since the middle of February). Currently the closest levels are: 1.5880 (important in the second half of January) and 1.6 (psychologically important barrier as well as an important S/R level between December 2012 and January 2013). The closest support is 1.5610, and it was defended successfully on Friday.
Sellers have only one accomplishment, and it is breaking the uptrend line (blue). We can consider it only a minor success, as it did not cause any major reversal. Traders holding long positions can be optimistic, although the recent upswing was very strong and will be corrected sooner or later. On the fundamental side, the forthcoming week will be very exciting with the FOMC statement and press conference on Wednesday.
The new week started with the price being very close to the tops, so we can assume that it will try to make a new attempt very soon.
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Cable Recovering From Long-Term Losses
Published 06/17/2013, 08:56 AM
Updated 01/31/2022, 02:45 AM
Cable Recovering From Long-Term Losses
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