GBP/USD: Cable Is Looking Strong, Again
Carol Harmer | Sep 09, 2013 05:04AM ET
Cable is looking strong again from the daily charts although the 60 min are looking a little overbought. Failure to break 1.5648 short term should push this lower on a corrective basis and 1.5570/65 should then entice us lower. Here we would expect buyers back in the market and they should hold unless we lose 1.5560. If we do lose this support we see 1.5516/04 as a viable target.
Now 1.5570/65 is holding and there is scope to trade higher back to yesterday's highs of 1.5648 and possibly onto greater resistance at 1.5685. Here we should see sellers back in the market therefore buyers are advised to take profits just prior this important resistance.
If the buyers want to make a statement they will try and break our 1.5685 resistance. If they do manage to overcome the strong selling pressure that will be evident here then we are going to trade higher and 1.5708 would be our initial target. Above here and 1.5735 to 1.5744 will entice us higher.
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