Cable – closing below 1.4218 would be fresh selling opportunity

The dollar tanked across the board, taking Cable as high as 1.4273. So the question now is whether to enter longs or will the spike fade. Here is the deal –

Watch out for today’s closing on the daily chart.

  • It would be a fresh short set up if the bird closes below 1.4218, keeping the falling trend line inact
  • On the other hand, a closing abv 1.4218 wuld mean prices are about to make another attempt to re-enter falling channel, whose resistance currently stands at 1.4363
  • Resistance is also seen as 1.4330 (23.6% Fibo R of 1.5930-1.3835)

GBPUSD D1 (03-17-2016 0038).png

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