Cable came higher as expected and virtually achieved the 1.5330 upside projected target. We have fallen back to 1.5236, but the market is looking a little oversold now on the 60 min charts and we should stage another rally early in the session to alleviate this problem...
We have 2 small trendlines at 1.5223 and 1.5202. This should hold the base this morning, and provoke a move higher towards 1.5330 once again. We would advise covering longs at these higher levels, just in case it fails to break above here..You can always go back in and buy if we manage to break 1.5330. If we do there should be nothing much to hold us until the 1.5360/65 resistance and possibly 1.5390.
The previous lows located at 1.5173 should act as support also if 1.5200 fails...We would place any stops on long positions below 1.5145 as a break below here will trigger further weakness with 1.5070/65 then targeted.
GBP/USD" title="GBP/USD" width="990" height="617">
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GBP/USD: Looking A Little Oversold
Published 05/17/2013, 06:11 AM
Updated 07/09/2023, 06:32 AM
GBP/USD: Looking A Little Oversold
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