Cable posted an outside day yesterday, but we are still entrenched in this range trading at the moment so the view remains the same...We failed on the topside and came back to target 1.4835/30.....we said we are buyers down here and nothing has happened to change the view.... at this point declines are still looking to be correctionary....
So we know 1.4990/95 is going to prove to be a barrier...but if buyers can nudge above here we look for 1.5030/50 initially with potential for 1.5090..At the moment the base pattern we talked about on Friday remains in place so this is why we are still buyers on weakness..
So any longs instated to 1.4835/30 should have stops placed below the 1.4780 support...as if we lose this there will further downside moves seen with 1.4715 then seen as the short term objective...
At this point we would still be buyers on weakness....unless this base pattern we discussed this week gets broken....
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