Cable went to the monthly pivot at 1.2379

Carol Harmer Charmer Trading

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

1. R3 1.2582
2. R2 1.2529
3. R1 1.2482
PP 1.2429
1. S1 1.2382
2. S2 1.2329
3. S3 1.2282

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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