Unstable cable now testing 55-day

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Cable declines have accelerated since the break of 1.6100 and now the 55-day moving average at 1.6043 is in the crosshairs.

There are some stops below 1.6020.  A close below that level would be a clear reversal signal in my eyes.

Author: Adam Button

Adam Button is the managing editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.


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  1. I want you to tell me cause a close below 6069(sell) is bearish enough and revisit to that area would represent the first line of R. 4 Hour suggesting selling on rallies with stop at 6130 and target of Fibo at 5795 though there is a barrier at 5800.

    Would you take that path?

  2. I’m not crazy about it Hitesh. We’ve already been to the fibo and I don’t see a particularly great reason to get back there unless the fiscal cliff debate goes sour. That said, the risk/reward is priced right.

  3. Appreciated, Adam.

  4. So what you say Adam … Close below 16069 is negative sign ??

  5. Below 1.6043 is somewhat negative but 1.6020 moreso. Around 1.6050 isn’t a screaming sell to me.


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