Uncertainty on Brexit can push Cable lower?
As the UK is strugling to find a deal for the Brexit, the Pound seems to have found a consolidation zone and maybe push lower waiting to have some news.
Here I bring two setups about the Cable, probably one of the most interesting pair these weeks. After a small correction move to the downside the Cable have break the trendline and in the middle of last week we saw a good push to the upside thanks to the USD economy strugling. Now it seems to have found a good resistent, perfectly allining with the 78.6% Fibo retracement and in smaller time frame have formed a double top.
What I'm looking at is a retest early next week in the zone and then taking a short after some candlesticks confirmations all the way back down to the 1.28000 area of support. If we can't reach that level we can think about catching the short after the break and retest on the support were we are now. Let's see if Farage, Boris and company can push this pair lower!
Here I bring two setups about the Cable, probably one of the most interesting pair these weeks. After a small correction move to the downside the Cable have break the trendline and in the middle of last week we saw a good push to the upside thanks to the USD economy strugling. Now it seems to have found a good resistent, perfectly allining with the 78.6% Fibo retracement and in smaller time frame have formed a double top.
What I'm looking at is a retest early next week in the zone and then taking a short after some candlesticks confirmations all the way back down to the 1.28000 area of support. If we can't reach that level we can think about catching the short after the break and retest on the support were we are now. Let's see if Farage, Boris and company can push this pair lower!