Cable: Eyeing technical support after GDP data
The overnight lows were near 1.5290 which is also the 61.8% retracement of the big up-move from 1.5010 to 1.5750. I’ve doubled my long position at 1.5295.
I think the market is looking around for stops more than having any particularly strong trend.
Hi, Sean,
Any particular reason this time you choose GBP/USD pair instead of other cross, like GBP/CHF, GBP/JPY?
thanks
Mike
Long term I’m a definite USD bear. I know cable looks a bit sick at moment, always does on way down, but once this phase is over I think mkt will slowly realise that prices below 155 are way too cheap. Plus I really like the technical set-up after the double bottom formed near 150. Exact same thing happened in EUR/AUD at 123 and that jumped 20 big figs soon after
I see, got ur point.This trade could be a long but reward.
Cheers~
This is a longer term one Mike and I’m still only running a reasonably small trade overall. I will sit and watch for a while. I like these technical trades as they give very exact exit levels so I can manage my risk quite easily
Hi Sean,
Your exit level around 1.5000?
András
Stop at 15100 for now but will raise as mkt develops
Well truly thats a great trade until Carney starts firing on all cylinders. !.5920 reasonable target before 1.60.