FXWW News/GBP crosses/Technical Analysis/Trade Ideas

Cable: Looking for buying opportunities near 1.6400

  • The GBP was hit across the board after not-so-impressive economic data;
  • EUR/GBP looks to be in a bear trend channel with current parameters at .8200/.8425;
  • GBP/JPY is in a steep bull trend but pull-backs will also be steep;
  • I remain very bullish on cable but as always it’s a matter of timing the entry levels correctly;
  • I’m looking for an hourly base to form near 1.6400 then I will add to my existing longs with tight stops on new buys below 1.6360.
  1. You really think it’s going to just keep going up and up and up? I mean we’ve rallied all the way from 1.48 lows to 1.66 weekly resistance, the overall weekly trend is clearly sideways and momentum is overbought, don’t you think you’ll get better opportunities to add longs lower than 1.6360?

  2. Hi Charles, everything is always possible on the GBP but once it starts moving I wouldn’t try and pick a top. Easier to play the trend and buy close to where you think support will form. If it starts trading below 16200 then I will change my view but its been very good to me in 2013 so I’m sticking to the strategy.

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