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Cable finally breaks below Monday’s low

By   || May 19, 2010 at 01:08 GMT
|| 7 comments || Add comment

I suspect that there has been some GBP/AUD buying which has prevented the cable from falling too heavily but now that we’re below the 1.4250 low from Monday (albeit marginally) that should open the way for further losses.

(Edit) Or maybe not. It immediately bounces 30 pips and most of the turnover is related to the AUD crosses so that’s where we need to be watching I think.

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Category: All, Asia
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7 Responses to “Cable finally breaks below Monday’s low”

  1. Andy on May 19th, 2010 01:11 GMT

    i hope no more going down sean, have you got news or issue about MPC rate statement sean thank’s

  2. Sean Lee on May 19th, 2010 01:15 GMT

    I expect that there will be very little change if any at all Andy. Cable looks still reasonably ok to my eye Andy. We could see it back at 14325 ish before the session is over. It’s all to do with cross plays this morning esp against the AUD.

  3. Andy on May 19th, 2010 01:18 GMT

    Do you think cable will break 1,4000 sean?

  4. George on May 19th, 2010 01:20 GMT

    My feeling is next fall will be in USD/JPY which has been holding its fort thus far in this otherwise brutal market.

  5. George on May 19th, 2010 01:25 GMT

    Sean,

    Now that .8575 broken quite convincingly – do you think it should provide decent resistance on the rebounds?

  6. Sean Lee on May 19th, 2010 01:55 GMT

    Andy, I’d have to say that given the strength of the recent down trend that a break of 1.40 is quite likely though I’m not too sure on timeframes etc

  7. Sean Lee on May 19th, 2010 01:55 GMT

    Yes George, 8575 should now be solid resistance as it was a major support point

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