FXWW News/GBP crosses

Cable: Playing from long side for now

There are still plenty of very bearish recommendations coming from the big banks but the price action to me looks moderately ‘bottomy’ and I’m happy to play from the long side now and will maintain this whilst prices stay above 1.5150.

If we can break back above 1.5300 significantly, then we should see a fairly swift move towards 1.5550 if/when the shorts get scared.

Much of what happens during Asian trade will depend on the JPY crosses but if cable is still trading at current levels when Europe opens, then I’ll be more comfortable with my long position.

  1. Good point Ivory, hopes of another rally seem to be fading, this pair is headed to 72, just a matter of getting the timing right. Like you say, close below 7750 is technically v bearish

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