Cable has not yet turned bullish on the daily charts, but we are turning this way so we, at the moment, favour buying weakness. We have our two trend lines which come in at 1.5183 and 1.5153 today, so this is the place where we want to be buying.
Our daily pivot is at 1.5234, so if we cannot make a break below here it would send a signal to the market that we want to trade higher. Again resistance is in the 1.5270/80 region and 1.5283 is the 76.4% short term fib so all longs to be covered to here. You can always go back into the market ion a break of 1.5300 as a break above here will trigger further buying pressure leaving 1.5330 as the first objective, with more potential for 1.5360/65.
So, if we lose the daily pivot and more importantly 1.5215 we can see that the two above mentioned trendlines will entice prices lower. We are covering shorts to here and going long. We keep stops below the latter trendline at 1.5153 so if below 1.5145 we are out of longs, looking for the next move lower to 1.5075/65.
GBP/USD" title="GBP/USD" width="993" height="618">
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GBP/USD: Buying Opportunity
Published 05/21/2013, 08:16 AM
Updated 07/09/2023, 06:32 AM
GBP/USD: Buying Opportunity
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