FXWW News/GBP crosses

Cable outlook: Support holding, but barely

  • Neckline of double-bottom at 1.5150 was breached but only marginally so (see chart).
  • Lack of any bounce in recent times suggest more downside to come but I’m hanging on to my long position with a stop at 1.5100.
  • EUR/GBP has again been capped below .8600 which will support the GBP.
  1. Hi, Sean

    I think your bullish bias on GBP is solid, but choose GBP cross maybe better then GBP/USD, in this condition when the only CB start talking taper.

    Regards,

  2. EUR/GBP is threatening level 0.86 for days(danger still there), make me wonder is there something we don’t know yet. Month-end buying is done, EURO area recovery is done(at least UK is in recovery phase), ECB is talking to keep accommodate policy for a long time while MPC is worry if they follow FED will cause some trouble. Maybe it’s wise to accept we all know something we don’t know.

  3. Good day, Sean! If at the day graph hold the line on low 2013.03.12 and 2013.05.29 (12 March / may 29), we obtain the trend line (though it is built on two low), but still. In this case the stop is desirable to place the below 1.5100, he looks better under 1.5085. This is my opinion, Sean. What do you think? Successes to you!

    1. Once again Serga, your ability to pick the right levels in a range of currency pairs simply amazes me. As you know, I was bullish USD/CHF but got out thankfully near 9700. Overall looks like 90/100 range but I do still think the CHF will eventually weaken on crosses. Currently I like NZD/CHF and GBP/CHF.

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