Cable: Intraday players still on the bid by Reece Marini

GBPUSD H4

GU4

The trend line (Pink) at 1.53400 and the better than expected NFP out of the US capped the recent run higher in Cable. The market will need to see a strong close back above Fridays high before the medium term bulls emerge again, however a failure to do so will see a push for stops below 1.51500.

GBPUSD M15

GU15

Intraday players have been seen buying against the 38.2 fib at 1.52120 in Asian trade, a close above 1.52800 could see the momentum pick up on the topside, a break back below the 38.2 fib however will see a number of intraday stops tripped with the next support not until 1.51700, 40 pips lower.

* 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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