Cable went to the monthly pivot at 1.2379
|Cable went to the monthly pivot at 1.2379….It held...we traded higher...As I have been saying...Please do not write Cable of...It has proved itself to be resilient...and has some excellent support levels...I believe as we go to the end of the week that Cable will rise further... I really do...I think that it is a good currency...No reason...at all why it should be as weak as it is...Its taken a bashing this 10 months...agreed…..but every time it has got slammed it has said...ok.no more….and I know I keep going on about these weekly charts...but seriously...you have to look at the longer term picture...No...we are not going skywards like the space shuttle...but we are recovering off designated supports...and these get higher each time…..
So now the market is looking at 1.2379..Yes you re going to get the few who are not looking at monthly pivots and will perhaps wan to sell and overreact ..but we are still supported to 1.2360 and this is the only time I would sell short term...if below 1.2350….Then possibly 1.2280/20 will entice...but I wan to talk more about the topside as I believe this is where we are heading….
Lets see if we can hold 1.2430….If we can there is no reason I can think of at this point that would stop us reaching 1.2600 again...Profit taking will be evident….if above 1.2620 we am for 1.2770…..and this is where the fun begins….
Sellers will be in their droves to keep this level from break...droves of them...It will be like fighting a tsunami….however. I never doubt the buyers resilience...tsunamis do a lot of damage...but the world recovers…..we fight on….and the base formation down at 1.1980/50 really made me believe in Cable...and if we do break 12770 and stay there….1.36 is the measured target...where the world was going woe is me Cable as died...now they are saying its too high….Traders have short memories….Luckily I am an elephant...I never forget !!!
PP 12431 R1 12486 R2 12531 R3 12586 S1 12386 S2 12331 S3 12286
Interested in GBPUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.