Category in GBP crosses

Cable: Support confirmed at 1.6470, bull target at 1.6650

Technical support at 1.6470 has been confirmed and I expect to see some more broad consolidation with this level as support and 1.6650 as the topside pivot; The GBP still looks likely to give back gains on the crosses, especially against the AUD; EUR/GBP is in consolidation mode between .8325/.8400. Short-term momentum is now bullish

Cable: Still prefer to buy dips towards low 1.64’s

Cable has never been the most technically accurate currency pair, probably because it’s been in one big range trading pattern for the last 30 years! Nevertheless, and especially with the increasing numbers of technically-based retail traders coming into the market, the big levels are still important. The 61.8% retracement of the 1.6250/1.6825 rally comes in

GBP will be vulnerable whilst geo-political uncertainties continue

In the short-term, the overly long GBP market will remain vulnerable to squeezes whilst the geo-political tensions surrounding Ukraine continue. One can make a strong medium-term case for being long GBP whilst the situation is ongoing but in the short-term it will be all about positioning. Look to pairs like GBP/CAD and GBP/AUD for some

EUR/GBP and AUD/NZD in ‘recovery’ mode

These have been two of the more persistent bear trends in the crosses in recent months but both pairs are starting to show signs that a ‘bottom’ may be in place. AUD/NZD has some sizeable topside potential in my biased opinion and once the current 1.0725/1.0925 consolidation is breached, I’m expecting this pair to regain

EUR/GBP: Taking profit on medium-term shorts

I’ve been short this pair for months but the fact that we’ve consistently stalled at a major technical support level near .8150 (61.8% retracement of .7750/.8810) must be taken seriously; I will re-instate if this level is comprehensively broken; I remain long and moderately bullish on cable but we may well see extended consolidation 1.65/1.68

GBP crosses hit hard as trailing stops kick in; GBP/JPY technical support at 164.00

GBP/JPY was the main mover yesterday driven by a carnage of trailing stops across the board; USD/JPY stops below 101.70 were indeed sizeable, Cable stops post-data were also significant and of course the cross then started falling like a stone once it cleared 167.50. Be aware that there is solid technical support in GBP/JPY near