GBP crosses/Technical Analysis

Cable: Looks set to test 1.6300

As you know I’m generally long and bullish on cable so I’m not very objective on this pair. There is an important weekly high at 1.6300 which must be respected given that this pair has been in sideways mode for the last 2 years. Nevertheless there will undoubtedly be plenty of stop-loss buy orders through this level so buying a break with a tight trailing stop could be a profitable intraday strategy.

Short-term support is at 1.6140.

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