GBP/USD: Cable Under Pressure
Cable has traded lower and we have seen the market reach the short term 76.4 Fib located at 1.5956. Although we bounced from there, currently the currency still remains under pressure across all timeframe charts, except perhaps the weeklies. And even those are entering overbought territory.We apply the same strategy today, selling into strength. Our upside target remains at 1.6026/30; This is where we would go back into the market and sell this currency. Keep stops then above 1.6060. If this comes a bit higher, to 16085/90, we’ll go back into shorts.1.5956 is the first target. If we break below here, I will instate further shorts looking for 1.5920/00. At that point, cover all short positions which be prudent. Don’t forget you can always go back into the market and sell on a break below.Below 1.5900 and 1.5845 would be our targeted area.
GBP/USD Technicals” title=”GBP/USD Technicals” src=”https://d1-invdn-com.akamaized.net/content/pic587c3ffe125b52021b6f2a6fc8472c66.png” height=”607″ width=”981″ />