Comments on: Cable trade idea: Sell into technical resistance https://fxww.com/cable-trade-idea-sell-into-technical-resistance/ The Professional Source Mon, 26 Nov 2012 01:04:57 +0000 hourly 1 By: Asad https://fxww.com/cable-trade-idea-sell-into-technical-resistance/#comment-8336 Mon, 26 Nov 2012 01:04:57 +0000 http://fxww.dreamhosters.com/?p=3088#comment-8336 For EURUSD it was EUR short covering along with USD sell off but for GBPUSD It was more of USD sell off than GBP buying ( as per GBP index).

In broader time frame, USD Index is at 50% retracement of the move down from 01/06/12 to 15/09/12 and facing stiff resistance moving higher. If it gets through, approaching 61.8 % could prove a turning point as daily RSI will be posting above 70% as well.

(GBP Index is in consolidation / neutral / range mode ) for over 3 months now with no direction!!!!

So this makes me neutral / bullish GBPUSD in medium to long term and I am skeptic for break of 1.5800 barrier and rather expecting a range from 1.5850 to 1.6300 or leg above…

I adopted GBPUSD short strategy mentioned last week and went long at 1.05850 (with intentions of building short positions as advised) but now, I am neutral so its buying and selling equally (swing / ranges) until pair get out from one or another side!!!!!!!!!!!!!!!!!!!!!!!!!!

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