ICmarkets
Long

Anyone for longs on Cable?

FX:GBPUSD   British Pound / U.S. Dollar
207 0 3
Weekly Timeframe: The weekly chart shows that the GBP/USD             is now trading just above a weekly swap level seen at 1.4832. This level, in our opinion, is quite a significant one since if you look to the left; you’ll notice that this price area was in fact the origin of a year-long uptrend seen back in mid-2013.

Daily Timeframe: At this point in time, the buyers and sellers are seen battling for position within a daily demand area coming in at 1.4812-1.4949, which, as you can probably see, encapsulates the aforementioned weekly swap level.

4hr Timeframe: The latest coming in from the 4hr timeframe shows price rebounded nicely from 1.4900. This move consequently forced the market to spike above the recently broken 4hr Quasimodo support level at 1.4970, into the psychological barrier 1.5000, which, as you can see, was clearly enough to support a sell off down to 1.4850 where supportive pressure is currently being seen.

Taking all the points above into consideration, our team has reported that no shorts will take place until price convincingly closes below the aforementioned weekly swap level. Conversely, should cable close above the 1.4900 number sometime today, we’ll begin watching for price to retest this level as support, and drive north back up to 1.4970.

Current buy/sell orders:

• Buy orders: Flat (Predicative stop-loss orders are seen at: N/A).

• Sell orders: Flat (Predicative stop-loss orders are seen at: N/A).



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