Cable: False break makes me even more committed to buy-dip strategy
The bears showed their weakness yesterday, unable to hold below 1.5900 after an important technical break (see chart) and this pair is headed much higher in the medium term. The market remains moderately bullish USD in the short-term so we still may see one exhaustive sell off towards my ideal entry level near 1.5775 but all dips are buying opportunities in my very biased view.
I’m small long of cable, looking to add on dips, and I’m still running a core short in EUR/GBP. I cut my AUD/CHF for a small loss as it was proving a distraction from the main event.