GBPUSD: Is the correction up from June 29th bottom over?
Cable is now trading below the rising trend line from the lows seen late in June, and below the MA band as well. Classic signal of weakness.
With stopping again just pips above the Marji 71.$% retracement level, and the meaningful move down seen since London open about 2 hours ago, this pair is obviously not in a very good position to continue moving higher.
Shorts can be established at current levels, or we can wait for intraday chart spikes to establish our sell positions. In both cases, I cannot imagine the limit before Fibonacci 38.2% for the move up from late June bottom, at 1.2509, with a very good potential of reaching the 50% level @ 1.2459, or even the 61.8% level @ 1.2409 later this week.
Munther Marji CMT MBA
Founder, General Manager & Senior Technical Analyst
TEFA Forex Fund
With stopping again just pips above the Marji 71.$% retracement level, and the meaningful move down seen since London open about 2 hours ago, this pair is obviously not in a very good position to continue moving higher.
Shorts can be established at current levels, or we can wait for intraday chart spikes to establish our sell positions. In both cases, I cannot imagine the limit before Fibonacci 38.2% for the move up from late June bottom, at 1.2509, with a very good potential of reaching the 50% level @ 1.2459, or even the 61.8% level @ 1.2409 later this week.
Munther Marji CMT MBA
Founder, General Manager & Senior Technical Analyst
TEFA Forex Fund