Tuesday, 12 February 2013

Cable breaks loose!

After one of those FX trends that to me seems to be on steroids- the recent large move down on GBPUSD from 1.64 then  more recently another leg from1.58- has perhaps found a base at the important psychological area of 1.5600. We saw early European session trading down to the 1.55725 with a further pin bar/pop lower to 1.5571. Watching the day bar by bar revealed the frantic activity around/ above and below 1.56 and the subsequent break out to above 1.5650. While all eyes have been on the Yen and EurUsd i have been waiting and watching (as painful as it has been to see the recent and seemingly endless deterioration of Cable across all major pairs). This looks an important area to watch over the coming days and theres perhaps a chance to see a retracement tomorrow morning should you believe we have further upside potential.

  The detail below in 1 min TF using two separate reaction line templates(dashed brick red) and coloured ML's as per above in the Esignal charts plus assorted other ML's

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