I saw this comment from an overnight note from Citi on cable
I thought it might be of interest, especially to the Attacking Currency Trend traders.
The comments note that what traders were seeing there was 'position exhaustion' - that is:
- Market frustrated with the GBP/USD's repeated failure to clear 1.5700 resistance
- Today's move towards 1.5470 reflects that exhaustion
On levels to watch Citi say (bolding mine):
- GBPUSD now tests the 100 day MA of 1.5464
- Note the 55 day MA at 1.5618 ... & the 200 day at 1.5372
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ACT traders (and anyone else), note Greg is doing a webinar on Thursday US time. Greg's dealing desk background gives him great insight into how these indicators are used by institutional (and other) traders.
If you can, please join Greg for the webinar, there is much to learn!
