Cable rose again, just clipping the 4hr 61.8 % Fib level at 1.5368, rising to 1.5378. All longs were covered on this rise. We have pulled back from these higher levels, but we do believe that any decline is an opportunity to go long. Looking for another extension higher.
1.5299/95 is support...so we go just in front of here at 1.5305 and go long. Stops to be kept quite tight below 1.5259 which is the short term 50% Fib level. If we lose this support we will see further downside moves with 1.5235 to 1.5200 then the targeted area. Again, because of the bullish stochastics we will still be buying into weakness.
Lets assume 1.5295/1.5259 support holds, we will see another challenge on 1.5368/78. Cover longs. We would go long again if above 1.5390 as a break above here should take us higher once again, and we would be looking at the market coming to 1.5450 to 1.5470 before profit taking occurs. 
GBP/USD" title="GBP/USD" width="990" height="617">
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GBP/USD: Looking For Another Extension Higher
Published 06/04/2013, 08:38 AM
Updated 07/09/2023, 06:32 AM
GBP/USD: Looking For Another Extension Higher
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