FXWW News/GBP crosses

Cable: ‘Superstitious rot’ but it’s nearing an historical pivot level for me

I’ve been trading cable for fast-approaching 30 years and there are some levels which stick in the mind as having been important pivots over these decades. Even on the way up in recent months, we had a stall and look for a few days, further intensifying my madness 🙂

This level for me is 1.6410 and I’ll be watching with interest to see what happens there if/when we get a renewed push lower.

By the way, as far as I can recall, cable was trading close to 1.45 when I first started trading in 1986. The lows I’ve seen have been in the low 1.30’s and the highs have been above 2.10. What does that mean for the next 50 pips? Nothing! Not even sure what it means for the next 50 big figs!

I guess my bias is bullish as I know the FX market to be 1 great big range trade and there seems more topside potential based on the levels I’ve seen.

  1. i agree with your remark on forex pairs being one large range. I once had an email conversation with ian copsey over why conventional elliot techniques are not applicable to currencies due to this mean reverting characteristic. he doesnt agree ofcourse, cause when something is your lifes work its easy to be biased.the argument being that its applicable on lower frames. i have seen quite a few of these signal providers using elliot waves on hourly charts completely ignoring its socioeconomic underpinning.

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