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Cable having a bit of a struggle

By   || August 24, 2010 at 07:02 GMT
|| 7 comments || Add comment

Stops have been tripped through 1.5400 and we’ve been as low as 1.5387 so far.  Presently at 1.5394.

Russia has been notable seller of cable this morning. Them and alot of others, as realisation dawns that the UK could be in for a rough old time going forward.  Go figure.

Some supports of note:

1.5350 (psychological)  1.5335 (July 21 high)  1.5322   (38.2 fibbo retracement 1.4228-1.5999)

Where’s the Reserve Bank of India when you need them.

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7 Responses to “Cable having a bit of a struggle”

  1. Francesco on August 24th, 2010 07:10 GMT

    Good day Gerry,

    are you still quite bearish on Cable?

  2. J on August 24th, 2010 07:12 GMT

    Good day Gerry,

    I am looking at levels of 51, which is the 50% retracement of the entire move up This is the next logical target.

  3. Gerry Davies on August 24th, 2010 07:17 GMT

    well francesco it seems to be collapsing before my eyes

  4. Francesco on August 24th, 2010 07:20 GMT

    Mmm, wonder why, but I would not be surprised to see EUR and GBP back and strong later this week, let’s wait and see

  5. tr41nwr3ck on August 24th, 2010 07:27 GMT

    My cable short has paid very nice over 140 pips so far :)

  6. Gerry Davies on August 24th, 2010 07:36 GMT

    It’s all about time frames really Francesco. I keep having the FXconcepts article of last week resonating in my head. Guy made some good arguements. His conviction that usd would start gainiing as eearly as next week (this week now) and continue doing so for months makes me wary of getting bearish greenback at mom. as for uk, it’s in for a real bad time.

  7. tr41nwr3ck on August 24th, 2010 07:44 GMT

    Imagine that the cable is worse than the USD, in relative strength… I can’t think it, but that’s where it’s going.

    I’m just a podunk trader, but thanks Gerry for your timely, key insights on this beast we know as forex ;)

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