FXWW News/GBP crosses/Technical Analysis/Trade Ideas

Cable: Still heading higher

You all know my extreme views on cable by now, based on recent price action and overall GBP levels on the crosses, I think we are headed much higher. As always with the GBP, timing is vital and we can be made to look very foolish by 3-to-4% pull-backs, but I’m pretty confident that we will not see levels below 1.50 again and that we will be trading close to 1.70 by Christmas.

That doesn’t help us much today; resistance is likely to be very solid near previous weekly highs at 1.5750 whilst support levels will now kick in around 1.5535/50. Buying dips is the play here in my view.

  1. Hi Sean, hope we will see a pull back towards 1.528 from 1.575, 50% of the recent range 1.482 to 1.575. If we can target 1.70+ in cable, hope we can target the below in GBP pairs. GBPJPY – 180; EURGBP – 0.75; GBPCHF – 1.65; GBPAUD – 1.95; GBPCAD – 1.80; GBPNZD – 2.10. What is your opinion on these figures?

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