Cable: Bulls looking to put the bears to bed by Reece Marini

GBPUSD Daily

GUD

The 1:1 (Green) and 23.6 fib that coincide at 1.54250/750 still remains the level of most importance in Cable. As long as the market stays below this level the bears remain in control, however a solid break and close above 1.54800 will see the bulls take full control of this market.

GBPUSD H4

GU4

Even with the solid selling against the 1:1 (Green) and 23.6 Fib the bulls continue to pick up Cable on dips. The most recent 1:1 (Purple) dip has attracted solid buying interest with the target now being large stops sitting just above 1.54800 level.

If this level is taken out the best play in my opinion will be buying dips with not much in the way until 1.58000/050.

* 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

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