Cable: Looking to re-buy on dips towards 1.5940/50
The vertical up-trend has finally started to retrace after the market got itself bullish at the wrong levels above 1.6200. Some of the crosses like GBP/AUD and EUR/GBP still look to have some room to run so there is no rush in buying this dip in the cable imho.
I’m still very bearish on the USD and its a matter of picking the right pair to trade and of course entering at sensible levels.
I’m looking at re-entering my long position as close to 1.5940/50 as possible (see chart).