Cable: Short-term levels becoming obvious, 1.5590/1.5730
Prices have bottomed out on 2 occasions now near 1.5590 whilst 1.5720/30 has proven to be solid resistance on the topside. I’m maintaining my bullish bias for now and at least it’s becoming very clear where my stop-loss order should be! I will continue to build my long position inside of this range and hope that I get my timing right on the ‘turn’.
Today’s price action will be determined by what happens in GBP/JPY and the break above 184.60 would suggest that more topside is likely.