FXWW News/GBP crosses/Technical Analysis/Trade Ideas

Cable: Still eyeing important resistance at 1.5750

  • Important resistance looming at 1.5750 in cable (see chart) as clean break-and-hold would raise possibility of a double bottom;
  • Sterling is being underpinned by improving economic data and much improved market sentiment;
  • I’m comfortable to stay long GBP against the EUR and the USD in the realisation that these are medium-term plays.
  1. Hi Sean,
    In your opinion, how much is the maximum dip possible in cable, if Fed taper next week? 1.528 – 50% of the move from 1.482 or 1.50+ or 1.48+ ?

  2. Hi Sean,
    Thanks for the info. I am long GBP against JPY and CHF only. Waiting for Fed decision to plan for cable. As it broken 1.575, one more medium term prediction from you is moving in right direction.

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