Cable: Test trend line. Wait for break.

FX:GBPUSD   British Pound / U.S. Dollar
179 1 1
Cable now stops at the bullish trend line ( black line).

I'm waiting for the breakout.

Any break will open the door for further downside.

And a bounce is a chance to buy in dip.

Indeed, BUY or SELL : the rate is 50/50

Grexit, Strong Dollar post the risk to Cable.

But the hope for rate hike supports Cable.

While Technical Analysis is not obvious.

1.5900 is 50% Fib retracement : the long term retracement.

Cable bounced from the strong resistance: 1.5900, the bounce from the strong resistance post the risk for downside.

SMA200 stands at Kumo cloud: This is a strong support: 1.5400

However, the break the bullish trend line could wipe out the support 1.5400

- MACD cut the signal in the MACD indicator.


In short, I wait for the break to enter the SHORT position.

The test around the trend line will open the chance for a reasonable position.


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Do the Right thing- Think the right way.
I do really like your kind of approach... from fundamental to technical... good luck.
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