FXWW News/GBP crosses/Trade Ideas

Cable: Another downside try likely in early European trade

There is important technical support in the cable at 1.5155 (double-bottom neckline) and 1.5180 (61.8% 1.4830/1.5750) and of course EUR/GBP is also sitting just below important resistance. In other words, there are likely to be plenty of sell-stops in the GBP and I’d expect the London market to have a serious look at these once they get up and running.

I’m sticking with my long cable trade but will stop-out at 1.5100.

  1. Keep open Lam-Son I think. I’d expect to see maybe 15170ish in early London, so if that worries you then maybe cut now and look to buy later? But personally feel very close to major lows so I’m still quite comfortable with long position

  2. Hi there,

    I am short eur gbp from .859 with a stop above april’s high. What is your opinion, a push up will go that far?

    Rgds,
    Bogdan

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