I’m revising a sell target on cable up from 1.40 to 1.45. The strength of this rally is not to be ignored, and the change of tone by the US to welcome a weaker Dollar, can keep the momentum going.
1.40 was the key pre-referendum low, but now with trend surpassing 1.40 with continued strength, let’s consider GBPUSD on a longer time frame. The chart back to 2007 shows that straight declining trend (solid blue line) would coincidentally complete a third major lower-high, at exactly 1.50 around the 20th March 2018. With 1.50 a key ceiling in sight, and now 1.40 behind us, 1.45 is the target sell/short level.
1.40 was the key pre-referendum low, but now with trend surpassing 1.40 with continued strength, let’s consider GBPUSD on a longer time frame. The chart back to 2007 shows that straight declining trend (solid blue line) would coincidentally complete a third major lower-high, at exactly 1.50 around the 20th March 2018. With 1.50 a key ceiling in sight, and now 1.40 behind us, 1.45 is the target sell/short level.