Cable approaching important 50 fibo level by Reece Marini

GBPUSD Daily

GUD

Cable has overbalanced all previous corrections in this move higher from 10/07/13 this indicated that there would be a possible change in trend and we have seen this since the break of the 38.2 fib, the major level to watch now will be the 50 fib that comes in at 1.60020. This level is now the make or break level for the bulls, if this market can not attract solid buying interest at this level the momentum on the downside is likely to continue to pick up.

GBPUSD H4

GU4

The level to watch in the large degree is the 1:1 (Blue) at 1.61750 if the market test this level before finding support on the 50 fib mentioned above I would expect the bears to use this level to add to current short positions.

GBPUSD M15

GU15

Another important resistance level to watch for is the 1:1 (Purple) and 50 fib that coincide at 1.61450.

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