GBP crosses/Technical Analysis

Cable: Quite a few medium-term bears about

cable1d     There were rumours in the market that China has selling interest between 1.6250/1.6300 and also that option players will be selling in size near 1.6300, and perhaps this is what is affecting medium-term opinion. I’ve been running a bear strategy for a few months now, playing a 1.63/1.59 range, and it’s worked reasonably well but I haven’t been able to properly pull the trigger this time; perhaps it’s just too close to Christmas. I think if we get a clean break above 1.6300/25 then the bulls will re-take control and the danger turns to the topside. Until that happens, risk-reward is with the bears, selling below 1.6300 for a return to levels below 1.6000.

  1. Hi Sean.

    Im looking to short gbp usd very soon.. 1.6280 -1.6300 i see some resistance in this area what about you ? strong feeling we are going down soon.. lets see what euro session brings us.. market acting weird since friday, im just shorting usd jpy rallies and anything more..

  2. Good luck Daniel, and you are not alone in that strategy it seems, as I’ve been reading a lot of similar strategic ideas today. USD/JPY I don’t believe in at all, I think its way overdone by speccy players and the fall will be very sharp when it comes (but is that from 8440 or from 8840??) that’s the 64k question as always. I’ll keep probing away until I catch the landslide

  3. seems i was right about this one :D.. and i believe i was the only one not triggering the dam short button.. no words..well life goes on..

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