Cable floundering after sharp fall

View Comments

Cable has hardly bounced since the 150 pip swan dive to 1.5217. The current rate is at 1.5238.

Cable daily chart April 17, 2013

There are bids lined up around 1.5200 but stops are below. More, smaller bids at 1.5180/75.

Overall, it looks like cable has failed at the 38.2% retracement of the Jan-March decline and is headed lower.

Author: Adam Button

Adam Button is the managing editor of ForexLiveâ„¢. 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.


All|Americas|Regions|Technical Analysis


Adam Button


  1. That’s what I would like to think but this market has just been so ridiculous lately. I wouldn’t be surprised if cable hit 1.5500 by the end of the month lol

  2. @Ryan L what`s the case for Cable NOT hitting 1.55 by month end?

  3. Hey Si. My case for Cable NOT hitting 1.55 by month end is Adam’s reason above. It can’t overcome that 38.2 fibo retracement hurdle as well as continued crappy fundamental news out of the UK. You never know with this market so anything can happen Up or Down.


© Copyright 2015 ForexLive™  |  Advertise With Us  |  Login To Comment  |  Sitemap

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.