This is a messy chart but when there his confluence, there is confluence. This one is rather unique in that Cable tends to make peaks in June. Here on weekly chart you can see highs made in June 2014, June 2015, and June 2016. Pulling Fibs off these highs gives a confluence of resistance around 1.3918 area. There are also other resistance levels nearby including the 200 Weekly MA. 20 Period Bollinger bands suggest exhaustion as does the Regression on the upward Trend beginning Jan 2017.
Technically it is a pretty picture; however sentiment is currently in favor of GBP. I am currently bullish cable, but I will be looking to pull some profits off the table and opportunities to fade this move on short-term hiccups in GBP or USD sentiment.
All published ideas are for educational and informational purposes only. Note specific entry ideas posted here may be part of a larger position and/or portfolio held by the author. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technically it is a pretty picture; however sentiment is currently in favor of GBP. I am currently bullish cable, but I will be looking to pull some profits off the table and opportunities to fade this move on short-term hiccups in GBP or USD sentiment.
All published ideas are for educational and informational purposes only. Note specific entry ideas posted here may be part of a larger position and/or portfolio held by the author. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.