magik
Long

cover and reverse, buying the flush

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
15 0 1
We knocked out the first of the two ses of stops below. Both fresh shorts and spooked longs are selling into this this 1.58-1.5760 flush. I have closed my short and added some long. I have the ammo to add a lot more 100 pips lower if we knock out the last of the sell stops. This might not happen. Here's why:


Last week cable ate through 300 pips of sell orders above the 1.5640 buy stops on the book and took it to 1.5940. After this flush book is slanted heavily short. Short term GBP interest rates make cable very a clear buy for EU banks right now.

I'm a confident buyer here and down to 1.5600, if we go there. My target for cable 1.6140/60 this week.

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magik PRO about GBPUSD a year ago
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