FXWW News/GBP crosses

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.

  1. I find the crosses are a very important part of the overall picture. If I had to put a number on it, I’d say around 1/3 of cable direction comes from moves in crosses like EUR/GBP etc

Leave a Reply

Your email address will not be published. Required fields are marked *