Cable: Momentum to pick up on the downside by Reece Marini

GBPUSD H4

GU4

I mentioned yesterday the importance of the 1.53250/200 level, the level initially found some buying interest but eventually failed. The bears saw this as a major sign of weakness and started selling aggressively sending Cable 70 pips lower in a hurry.

Cable continues to trade on the heavy side with the 50 Fib now under attack, a solid close below the 50 will see the momentum pick up on the downside.

GBPUSD M30

GU30

Selling intraday rallies now looks like the best play going forward with the 1:1 (Light Blue) and 23.6 fib that coincide at 1.53060 a good place to jump in on this current move.

* 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

The post Cable: Momentum to pick up on the downside appeared first on www.forextell.com.

Leave a Reply