AUTOREFRESH 
EUR/GBP technicals: I don’t like short-cable trade until .8240 is reached in the cross
I know that there are quite a few people trying to pick a good entry point for short-cable trades but a look at the longer term EUR/GBP chart shows the difficulties this strategy is likely to encounter. Prices are falling like the proverbial stone and cable is likely to stay supported as long as this continues. The level to watch in my opinion is .8240. This is where the vertical upmove began and it could well be where the vertical fall starts to lose momentum. However if we start getting weekly closes on the .81 handle that would suggest further falls towards .7800. I will definitely wait until the cross turns before I start selling cable. Even if I miss the first 5 big figures, there will be lots more once cable resumes it’s downward spiral.
My forest green line that I mentioned last night has held well today.
I can see your .7800 level too – that’s where I have a steeper forest green line pointing towards.
Perhaps later this year (gulp).
I can’t see it breaking down much further which is why I’m looking at the 8250 level. Common sense would suggest that at some time very soon the market will realise that it is getting long at the wrong level- but that could be 1.75 rather than 1.65 in the cable. That’s my view, but then again my recent short-term views have been rather poor.
Hey that’s what makes the market.
Just taken a final peek at H4 cable MACDs before I turn in – on a positive note (for me) for tonight.
I hope it’s at 1.55 when you wake up!
Cor thanks.
I’d best go and hibernate then