Cable has given ground early, presently down at 1.6280. Talk stops triggered once 1.6320 gave out.
From here, technical supports at 1.6270 and 1.6250. Would’nt be surprised if further stops below one or other, or both, of the levels.
4 Responses to “Cable on the defensive early”
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AUTOREFRESH 
Price has started to coil and a break (either way) looks to be on the cards. At the moment price looks to be either a triangle or a bull flag.
GBPUSD hourly chart:- http://img2.pict.com/66/13/eb/1119279/0/gbpusdtriangleorbullflag.png
I’ve taken a short @ 1.6232 seeing that the bull flag hasn’t played out and instead it’s broken the lwr t’line of the triangle. Weary of yesterday’s bullish rally my SL is very close at 30 pips above entry which I’ll move to B/E if 1.62 is tested. Below 1.62 and I’ll trail my exit by 30 pips.
A break of the 100 hr MA is what’s need to get the ball rolling further down. MACD supports the short as does ADX and RSI for the moment.
That was quick! Stopped out at .6213 for +17 as the 100 hr MA gave support