Monday, 15 February 2010

Cable

Daily charts are beginning to turn up, price continues to consolidate within the defined ranges.
4 Hourly charts  show a breakout of the downward trendline. Indicators are mixed to mildly bullish.
1 Houly chart like its 4 hrouly counter-part is mildly bullish with price currently stalled at the 300 lwma.

Conclusion -
An hourly close above the ma would trigger a long trade with indicators in  mildly bullish mode. BUT, and  its a big but.... Eur/Gbp shorter tf charts look tired and have  boxed themselves  into  a  wedge. I would prefer to see both the hourly and 4 hourly charts stronly bullish before entering a full unit trade long of Gbp/Usd, with the acompanying set-up short in Eur/Gbp. Wait and see..it may be  a  long day  ahead..

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