I'm now suggesting we go long on Cable. We are heading to 1.4670 level. Keep an eye out for Brexit related news and provided there isn't any strong support for Brexit on polls or any influential politician doesn't come out with supporting Brexit we should really be heading this way.
09:30 saw the release of Average Earnings and Claimant Count Change. Both exceeded expectation. This would normally see the GBP strengthen but so far we have seen little movement in either direction. 1.4078 was the low on 15th Jan 2016 and this level was (almost) reached 3 H1 candles ago and there are signs this may have been a double bottom.With RSI turning...
FX:GBPUSD
CYPHER:
Point B:
38.2% to 61.8% XA
Point C:
127% to 141% ext XA
Point D:
78.6% XC
Target:
TP1 38.2% CD
TP2 61.8% CD
Safe Trades;
open.spotify.com
1.4228 was a significant level that GBP needed to clear as this was the low from 16.5.2010.
WE are safely above this level and with the absence of any further specific GBP related news, GBP/USD looks to be heading higher.
I'm already in this market from 1.4275 with a STOP at 1.4248 which I shall move to b/e shortly.
Target for this trade initially is the band...
