Daily Insight: Cable May See Another Leg Down
Matt Simpson | Apr 08, 2015 03:18AM ET
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TECHNICAL ANALYSIS:
GBP/USD:
I suspect we will see another leg down on cable but don't be too surprised to see an upper spike towards 1.487 before losses resume. There are several levels of resistance here which I have more confidence of holding than the 38.2% and Daily Pivot we currently find ourselves beneath.
A near-term strategy could be to consider a breakout above the pivot to target 1.487 before considering the short side.
WTI:
Today's video on WTI and EUR/CAD looks at the larger picture for oil but whilst we remain above the Daily Pivot I favour at least another attempt to break above $55 a barrel.
I say 'attempt' as it may not even reach the previous swing high, let alone break it, so keep this in mind with your TP.
A break above $55 is a significant level for the bulls to overcome (but would also help the EUR/CAD short towards its bearish target)
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