GBPUSD Countertrend Play Jun 30, 2017
The ascending channel on Cable’s daily time frame is still intact and price is heading towards the resistance around 1.3400. A countertrend opportunity could arise if reversal candlesticks form around this area.
Cable
GBPUSD – Cable could snap back to reality
The recent improvement in UK data has seen many investors and analysts, ourselves included, ask a rhetorical question with a hint of sarcasm “Brexit, what Brexit?” Traders have apparently reduced their net short positions from record high levels as they realised the fallout in the immediate aftermath of Brexit was not as bad as many had feared. Granted, not all the economic pointers have been great but on the whole
Spot the insider selling in Cable – answers on a postcard!
Cable’s (FXB, quote) recent revival which was signalled with a two bar reversal off the strong support platform at 1.5163 came to a juddering halt today on the release of the CPI data. Until this release cable had been testing the 1.5474 area as well as the 100 ma which capped the recent rally.
Cable In Focus As We Await BOE
Market focus this morning returns to the more mundane, namely the BOE inflation report and press conference with Gov Mark Carney, and it will be interesting to see whether Cable can continue to build on its recent platform of support in the 1.5 region.
Cable Continues to Remain Bearish (GBPUSD)
Cable moved lower once again last week as a resurgent US dollar continued to drive the pair, with the September futures contract closing at 1.6770 on the daily chart.
Currency futures round up after FOMC
With the FOMC meeting now consigned to history, and the currency markets now returning to ‘business as usual’ here is a round up for the Aussie, the British pound, the Canadian dollar and of course the euro
Aussie dollar moves cautiously higher following RBA statement
Like the GBP/USD, the Aussie dollar is another currency pair which is now starting to break out from a recent phase of price congestion, but for the AUD/USD, this period of sideways price action has been in place for considerably longer than Cable, with the pair having been range-bound between 0.9150 to the downside and 0.9370 to the upside for some time.
Cable preparing to test 1,6800 once more
The last few days have once again seen Cable test the 1.6800 region, only to fail and reverse once more, with the June futures contract currently trading at 1.6710 on the daily chart. Following the strong gains of last week, which saw the pair surge higher with three wide spread up candles, the first sign of possible short term weakness appeared on Thursday with the doji candle.