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GBP/USD: Cable Is Flying

ByCarol Harmer
Published 10/23/2013, 01:58 AM
Updated 07/09/2023, 06:32 AM

Once we broke 1.6185, Cable was off and flying and overnight we have seen 1.6258. Now this is slightly below the 1st Oct Highs and there could well be a Double Top in place now on the daily charts. We will only know if the market fails to make a break above 1.6285. Then we have a clear indication that correction is going to take place.

We are already lower this morning and there is a chance of this coming back and testing the trendline which comes in at 1.6146. Now obviously we have to negotiate our way past 1.6199 which is the daily pivot and the break point of 1.6185 but if we can do that there is a good chance of further correction. Already the 60 min charts are showing there to be a bit of a corrective phase. Now the daily charts remain positive, so we have to be aware of this and we still therefore buy into weakness. 1.6146 trendline support should offer this entry point and we would hold longs unless we see a break below 1.6130.

Now as stated we have good resistance from the previous 1.6262 high then we have 1.6285 and if above here it would negate the D/T formation and leave the yearly 1.6323 high exposed - here cover all longs.
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