| GBP/USDChart Levels: Support 1.6100…1.6050…1.5900. Resistance 1.6200..1.6300…1.64 | ||||
| Strategy | Entry | Stop | T1 | T2 |
| Weekly: long | 1.6070 + add 1.6000 | 1.5970 | 1.6300 | 1.6400 |
This week we expect Cable to trade with 1.6070 – 1.6400 range. The 100 and 200 day moving averages still pose a bearish dynamic, indicating that major market participants are awaiting a move lower rather than higher. Nevertheless, the Stochastic and MACD oscillators indicate bullish signals. The prior key level of 1.6000was broken to the topside and 1.6070 and 1.6000 could provide support for the pair, with resistance seen at bull targets of 1.6300 and 1.6400.