Cable came lower hitting 1.4700 keeping you longs for 1.4780/1.4800....Now we have exceeded this overnight, but only to our next 1.4880 target....Short term we are slightly overbought, however the med term charts have turned bullish, therefore we are looking again to buy into weakness...
We know 1.48 will offer short term support, down to 1.4780/60, so as also our daily pivot is at 1.4799, should be able to stay trading above here....However, if we lose this support we look for another test of 1.4740 where we would once more enter long positions...
Resistance we know is at the 1.4880/90 area. Initially cover to here, look to re-instate further long positions if we see the market make a break above 1.4920....If seen 1.4990 would be the likely targeted area...
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