Cable is looking stronger from all time frame charts. We have turned bullish across the board, although I have to say the 60 min charts are running out of steam a little. We do need to break this 1.5116/17 short term, 38.2 Fib level to give a little bit more momentum to the market. This would encourage buyers to come back into the market and for this to then rise to 1.5145. We are going to see a bit of profit taking at these higher levels as we would be approaching the 50% fib at 1.5148.
Now if we can blast out above here we see 1.5175/80 as the next objective. Cover all longs to here. By the time we reach this resistance we should be looking a little overbought on the hourly charts so we need to stand back and wait till the market unwinds this position. If we can come back to 1.5145 to unwind the position, that's good...we can go back in at that point.
Now if we fail to take on 1.5117 and lose ground we see 1.5075/65 as a viable downside target. We will find buyers coming in at these lower levels. They will hold unless the market breaks 1.5065 then we will see further weakness down to 1.5035 possibly 1.5015 before we go higher.
GBP/USD" title="GBP/USD" width="730" height="438">
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GBP/USD: Looking Stronger
Published 05/28/2013, 05:31 AM
Updated 07/09/2023, 06:32 AM
GBP/USD: Looking Stronger
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