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.
Sean, what’s your decision on our long GBP now? Leave them open or close them to take loss?
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
I meant yr positions. Sorry typo 🙂
Ok, funny how one missing letter can change entire meaning 🙂
OK, got yr point. Thanks! I hedge mines as I am selling GBPAUD anyway.
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
I really like this trade in medium term Bogdan but just not too sure on timing