Cable: Entering a bullish technical phase
The double-bottom on the 4-hour (see chart) was followed by a very strong rally to 1.5750 and this move is currently retracing. The 61.8% retracement of this entire 1.5010/1.5750 move comes in near 1.5290 and if the technical set-up is to remain strong then these types of levels should hold.
I’m building a long-term strategic position here and have added this morning at 1.5315, with further bids at 1.5290. I’m still keeping positions fairly small as my stop-loss level is a long way away, but if the technicals hold then I will sharply increase my position and of course raise the stop.