Hot-Charts
How Low Cable
by
Mar 9, 2009 12:34
| 5 Comments
Cable's sell off ensues on the negative news flow from UK banks (latest round of govt nationalization dubbed as insurance and flurry of realized/unrealized banking losses). GBPUSD shrugs the improvement in risk-seeking trades in FX (seen in yen selling) and extends losses towards a 5-week low of $1.3860, which coincides with the 76% retracement of the $1.35-$1.4997 move. A break below this level is to make way for fresh downfall into the $1.3650. $1.3990 and $1.3960 will emerge as key resistance levels in the days ahead.
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Ashraf
Ashraf
I can only assume you are anticipating a substantial bear market rally in the near term.
Well done Ashraf
I think 1.3671 is the Tp , the retracement 88.6
Thank You