Level to watch on Cable.

FX:GBPUSD   British Pound / U.S. Dollar
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Um well I'm monitoring cable for a retest of resistance at the 50% Fibonacci level to take a short position on it at that area upon confirmation. Simple structure trade. Its also the Daily 50 Moving Average resistance. If price breaks the current resistance I will be looking for shorting opportunities around the 618 Fibonacci level, which also coincides with the Daily 100 Moving average, which has held as resistance since price crossed below the moving average last year.

Cheers =)

Do note that there is event risk today for the pound. Always check your economic calendars, if you don't have an economic calendar then all you need to do is go on google             and search "Economic Calendar" =)
Update: No confirmation to enter the remainder of the position short, waiting for short entry signals on the 4HR chart
Ya i agree, I don't see sterling rising anytime soon against the dollar. Especially since the England general elections in may are coming up, traders seem to be very uncertain about the sterling strength. Elections will most likely set a new direction for sterling. Thanks for sharing and Good luck :)
+1 Reply
Daniel.B moneymaking
As always you provide very constructive comments! =D Totally agree with you on the elections subduing the pair to this current area of consolidation, with the election being the catalyst to either send it above / below the current consolidation.
+1 Reply