Cable just blipped the 4hrly 38.2% fib level, and this timeframe chart is looking overbought and beginning to turn lower..Now this should not present a problem, as we know the daily charts remain bullish...so all we are doing is looking for levels to go long.
1.5150/45 would be an excellent level to re-instate longs...and we would be looking to go long possi- bly from 1.5175 down to this support. A move lower would ease the short term overbought scenario, and give the market a better place to rise from...The measured target off the Double Bottom forma- tion is located at 1.5300...also here we have the 200 4hrly period M/A at 1/5315, so this is going to be a tough area to break.
As stated we should come lower to ease the overbought scenario, but if we lose 1.5124 and stay be- low there then further corrective pressure will be evident and 1.5075/65 will then come back into fo- cus...
GBP/USD" title="GBP/USD" width="989" height="618">
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GBP/USD: Overbought And Beginning To Turn Lower
Published 05/31/2013, 07:08 AM
Updated 07/09/2023, 06:32 AM
GBP/USD: Overbought And Beginning To Turn Lower
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