Trade Idea: Sell Cable at 1.51000 by Reece Marini

GBPUSD H1

GU1

I will look to sell Cable between 1.51000/1.51100 with a stop at 1.51300. The initial target will be 1.50600, with the overall target 1.49500.

The reason for taking this position is the geometry that lines up at 1.51100, with an important 1:1 (Light blue) and the 50 fib coinciding at this level, the stochastic is also well in overbought territory.

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

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