(1,6093) The CABLE confirmed last night a relatively strong closing above the top of Friday when it again confirmed a weak closing suggesting it has formed a s/t top at 1,6379. This move up should therefore be corrective and a selling opportunity!! The indicators of the daily chart are still well negative but those of the weekly one remain above the line for now, even if it formed a negative outside week reversal. The indicators of the s/t charts are mixed at the moment suggesting further consolidation/ correction. However, in the hourly chart we have already potential negative reversals limiting the upside. Possible however an extension of the correction toward the 200 hours line, now found at 1,6160. We suggest waiting for this possible extension to sell the CABLE. We sell a 1,6160 overshooting!!
Click here to read the full report: GBPUSD 01.08
Future Trend Research