Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Again price is near 1.5880 level and it seems that now bears are there as we know a broken support will become resistant and vice versa.
You can see in chart above that 488EMA has held the price nicely in the four hour timeframe and price bounced off this EMA after hopeless UK GDP release.
Price have to close above 1.5880 before considering that bulls are again in action, so watch the price action here carefully. Cable is now looking for some fundamental decisions from BOE because of their inflation problems so I recommend do not take longer term swing trades and wait for some confirmations.
Also I have to note that weekly H&S pattern is still forming and it seems that right shoulder has formed completely around 1.6059.
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