Is 1.55400 the bottom in Cable ? by Reece Marini

GBPUSD H4

GU4

The break below the triple bottom (White) looks to have been a false break with the market reversing pretty quickly once it was back above the 1.55800 low.

The 1:1 (Yellow) saw some selling on the first test a few day back but there was little follow through, the market is now looking to push for stops above the 1:1 (Yellow) high. A solid close above this level will go a long way to confirming that 1.55400 is the bottom, however there are still a number of important resistance levels on the topside to be mindful of.

These include:

  • The 1:1 (Blue) at 1.57750.
  • The 1:1 (White) and 50 fib that coincide at 1.58500/600
  • The 1:1 (Green) at 1.60150

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

The post Is 1.55400 the bottom in Cable ? appeared first on www.forextell.com.

Leave a Reply