Closing in on a further Cable Short. Caught 100 Pips
Signal was sent on Oct 4 for Cable short. 100+ pips caught, the current situation facing this pair is that cable is going for a restest of 1.3 price level.
It would be best now to exit your short position, if you have not already, and wait for the double top to form at 1.3. With the volatility seen led by fundamentals surrounding last week's Brexit negotiations and Donald Trump's hospitalization creating a false crossover of the ema and sma indicators, it is clear to see that if you are bearish inclined on this pair this will be the optimal play:
Wait. Wait for the pair to form a double top. Wait for cable to come back down to last months support at the 1.28 price level and then enter the short. There is a chance that cable could even lean towards the 1.35 higher resistance, but with the price action patterns forming it is more than 50% unlikely that a long will occur- especially as hedge funds now are seeking weakness in the pound to enter short positions based off the breakdown of the Brexit negotiations and the political instability surrounding this key fundamental. No, going into the last few months of this very unique year (to say the least) I believe 1.3 will act as a major resistance level for the pound, of course it is already a major price point for this pair. But of course the dollar strength hinges on the outcome of a presidential election which nobody can predict its effects on the financial markets...
Best wishes,
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