Cable: Bears eying resistance at 1.51750

GBPUSD Daily

Cable bears will be closely eying the 1:1 (Purple) and 61.8 Fib resistance that coincide at 1.51750, this resistance level has already seen some decent selling throughout Asian trade, with the market currently 50 pips below the high.

As long as the market can continue to hold below this level in the coming sessions I am expecting the selling interest to pick up on the downside with no real support seen until 1.50700.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Leave a Reply