Long Cable at Market
We discussed the prospect of a fresh uptrend in the Cable last week in the article, GBP/USD Technical Analysis: Is a New Trend Setting In? Pertinent to the move is the fact that the U.S. Dollar has been extremely strong of recent, and yet GBP/USD continues to highlight potentially bullish tendencies on longer-term charts, showing higher-highs and higher-lows on the 4-hour setup.
Stops on the position can be adjusted below the batch of swing support at the 1.2325 area, with targets set towards Fibonacci resistance at 1.2513, 1.2656 and then 1.2750.
Chart prepared by James Stanley
--- Written by James Stanley, Analyst for DailyFX.com
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