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Cable Gains And More
By Benny Nardino | October 29, 2008
Cable, GBPUSD gained a significant reprieve last night amid previous lows from last week’s traded levels. This morning saw a continuation on the ‘out of jail’ breakout of Tuesday’s trading session. Could this be the mark of a resurgent pound sterlings?
Yesterday’s MPC economic speech by Besley sparked off volume, volatility and optimism in the market place that it drove the market wild.
Chart - GBPUSD Gains
From Tuesday afternoon to Wednesday Euro trading session, we have now seen the GBPUSD surged from 1.5550 to 1.6475 levels with rooms for more. That was a-two-day move of over 925 pips. Somewhere in-between these numbers we have found for ourselves some trading opportunities which was very rewarding. Last night I saw many violated our trading trading rule of ‘no trading late’ in an attempt to garner more pips. Guess what it was worth it for all. In the present economic climate and Christmas lurking who would complain? We all need the extra cash and money.
However, on the weekly chart we have seen a tweezer bottom signal which has now being confirmed as a strong reversal signal. On the present trend, we anticipate a possible violation of 1.6600/1.6640 resistance, – a Fibonacci 23.6% level. This would also depend on how the Asian session react to this pair tonight. We hope to continue on this sometimes this week as the market unfolds.
Have a great day of trading.
Tags: and, Cable, cash, for, gain, Market, money, more, online, place, the, trading, Tweezer
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