magik

CABLE @ BIG 38.2 FIB WITH 200 EMA IN PLAY

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
Cable closed the week at it's big 38.2 FIB 1.5569 to the pip from it's 2014 high of 1.7191 and 2015 low of 1.4566.
The 200 day EMA of 1.5545 is directly below along with a large cluster of net sell stops from 1.5550-1.5510. A gap into these stops next week woud trigger a healthy cleansing of the longs. Net buy come orders at 1.55 directly below these juicy sell stops and should provide support. A flush of these stops with a steady move up signals the intentions of the larger players in this market.

Barclays says that thursday's “doji” candle has compelled them to re-establish a "bullish view" and that a break above 1.5670 would add to their bullish conviction and put the 1.5930 highs back in play. Note that a confluence other trade services have the 1.5660/80 in play for entry into short positions. Watch this area as key battle ground on the road to 1.60.

I like the 1.55 area for a long after stops have been flushed. Do pay close attention to major euro             levels as this could drag the pound down. EURGBP             falls below .6980 and EURUSD             1.08 are key.
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