GBPUSD: Cable Looks Set To Spring Out from Triangle

Hi All,

09 Jan - GBPUSD Daily

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Just a quick update on Cable. Unfortunately, price hasn’t been too exciting since my commentary on the 23th Dec. However, this pair has been consolidating for awhile now and the longer it consolidates, the likelihood of a stronger break out continues to increase.

1.63 is a decent Resistance level. Ideally, I’d like a short at that level (blue path). Alternatively, I’ll look for a break above 1.63 and followed by a pullback long entry around the same price (orange path). As always, I’ll need price action for confirmation.

Thank you and happy trading.

 

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