Cable: Price action feels bullish
I should temper that by saying that we need to be very careful with our entry levels, as seen by the nasty 80 pip dip yesterday during early European trade. Overall the GBP looks to be coming back into favour, especially on the crosses, so buying dips on cable makes sense to me.
I’d suggest a wide and volatile 1.6250/1.6600 range over the next week or so with a definite buy-dip bias. On a more short-term basis, I favour buying near 1.6345/50 for a test of 1.6450.