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10 Feb 2015
Sell cable on any recovery – AceTrader
FXStreet (Barcelona) - The AceTrader Team suggests selling GBP/USD on any recovery, and further expects the pair to consolidate in this week with a downside bias.
Key Quotes
“Let's look at the bigger picture 1st, the sharp retreat fm last Fri's high of 1.5353 signals at least the 1st leg of correction fm Jan's fresh 17-month trough at 1.4952, although strg, has ended there n consolidation with downside bias is in store this week for subsequent weakness twd 1.5105, this is a 'dynamic' 61.8% r of the said upmove fm 1.4952 bottom.”
“A daily close below 1.5069 (70.7% r) wud suggest correction is over, then cable wud be en route to re-test 1.4952 later this month.”
“On the upside, only abv 1.5353 wud signal a major correction of the MT fall fm 1.7192 (2014 peak) has taken place, then risk wud shift to upside for gain to 1.5423 (38.2% r of 1.6186-1.4952).”
“Today, we're selling cable again on intra-day recovery, however, as the hourly oscillators wud display bullish convergences on next decline, 1.5165/70 wud remain intact.”
“Abv 1.5276 (50% r fm 1.5353) may risk 1.5305/15 b4 retreat.”
Key Quotes
“Let's look at the bigger picture 1st, the sharp retreat fm last Fri's high of 1.5353 signals at least the 1st leg of correction fm Jan's fresh 17-month trough at 1.4952, although strg, has ended there n consolidation with downside bias is in store this week for subsequent weakness twd 1.5105, this is a 'dynamic' 61.8% r of the said upmove fm 1.4952 bottom.”
“A daily close below 1.5069 (70.7% r) wud suggest correction is over, then cable wud be en route to re-test 1.4952 later this month.”
“On the upside, only abv 1.5353 wud signal a major correction of the MT fall fm 1.7192 (2014 peak) has taken place, then risk wud shift to upside for gain to 1.5423 (38.2% r of 1.6186-1.4952).”
“Today, we're selling cable again on intra-day recovery, however, as the hourly oscillators wud display bullish convergences on next decline, 1.5165/70 wud remain intact.”
“Abv 1.5276 (50% r fm 1.5353) may risk 1.5305/15 b4 retreat.”