The Cable posted its biggest loss for the past month and is close to its lowest since 1st of October when price was 1.5106. Note that this level of 1.5106 was the touch of support when price skyrocketed to 1.5508 on 15th of October and then again made a high of 1.5496 on 2nd of November thus forming a double top.
If price reaches levels around 1.5115-1.5100 this might be a good opportunity to go long with a tight stop right below 1.51.
Although price is well below the support line on the upward channel, this does not mean bulls have given up on the pair.
Chart: GBPUSD D1
Very useful information! Thanks.
ReplyDeleteGreat assessment, will keep it in mind!
ReplyDeleteI agree, it will likely reach 1.5095 at best and then it will probably continue descending.
ReplyDeleteBig drop on gold.
ReplyDeleteVery interesting analysis.
ReplyDeleteIts been over for a while.
ReplyDeleteGreat assessment.
ReplyDeleteThank you for the interesting post.
ReplyDeleteGbp/Usd stands at risk of extended it's decline.
ReplyDelete