The rally of Cable is unusual because UK data performed very bad.
We have three resistance Cable broke them:
- Descending (blue line)
- Long term descending (red line )
Major resistance levels were broken, and this is a significant signal we can't ignore.
GBPUSD denied Fundamental.
Someone worried about Brexit, but the fear was diminished recently.
Nearly 100% anti-Brexit will win, and support Brexit side is losing momentum. UK will stay in EZ . Surely,
Hence, we see traders are reducing short positions of GBPUSD .
SMA200 likely is the next target of Cable : 1.4900
That why I buy GBPUSD at 1.4640
It's a good trade I recommend to traders.
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