GBPUSD
Cable still above this trendline...but we are just not making the move higher....Stops on shorts from 1.3980 are quite tight above 1..4025 because we need to give the allgos their bit of fun as they stop hunt at the round figureitus area...There are traders who used to only come in at the round figures so they are quite important...
Now that weekly bullish pattern remains in place....I go along with that....I agree there is no reason at all why Cable should not trade higher......We are back around the base of the range...and because of this I think any short positions should be covered...Now although as Iv said the weekly charts do have this bullish pattern...The daily charts even now with GBP coming lower the technical indicators still are looking overbought...and have turned bearish...so we really do need to take care at these lower levels...because if we go back below the trendline at 1.3885 we look to initially 1.3866 then the 1.3825 support... 1.3850 ties in with the 50% med term fib level so you will be getting quite a few buyers at these lower levels and profit taking from sellers will be the order of the day...
Now if the market does cling onto trendline support and bounces back we would once more be looking at 1.3980 where we sell...stops above 1.4025...and we would look to go long if the market breaks 1.4035 for 1.4145 as our initial target...
GBPUSD Current Trading Positions
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