GBPUSD Weekly
Cable traded at its lowest level since 2013 on Friday last week taking out a number of stops below 1.47500 with the sell off looking set to continue.
GBPUSD Daily
Cable has been selling off steadily since the bears were seen selling aggressively on the 38.2 Fib at 1.55500 which has been noted as wave 4 in the recent down trend.
GBPUSD M30
Intraday players continue to sell into 1:1 rallies as they push for further stops on the downside.
I will be looking continue to sell into the 1:1 (Blue) and 38.2 fib at 1.48250/350 with a tight stop above 1.48700. The initial target will be Fridays lows, if a solid close is seen below this level I will look to hold the position for a test of 1.46000.
* 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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