Day traders closely eying 1.56400 support

GBPUSD Daily

Cable continues to push higher with the 50 Fib at 1.58780 now only 68 pips away, this level is likely to be tested in the coming days with little to no resistance between here and the 50 Fib.

If the 50 Fib fails to attracted solid selling interest from the bears the momentum will likely continue to pick up with the bulls seeing this as a major win. However the bulls will still need to be wary of the completion of the BC leg at 1.60250 which will complete this Elliott Wave sequence.

GBPUSD M30

Day traders continue to buy Cable on dips since the break of the 1.55700 level and this is unlikely to change in the short term. Intraday players will be closely eying the 1:1 (Purple) and 61.8 Fib that come in at 1.57000 as well as the 1:1 (Light blue), 23.6 and 38.2 Fib at 1.56400.

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

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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