Guest Commentary: MarketVisionTV - The Truly Nasty GBPUSD Trade!
- Cable Keeps Breaking the Range
- It is in an Expanding Triangle
- An exact copy of March 2011
- This is our plan how to trade really wild price action
Wondered why Cable keeps blowing either side of the range? The answer is really exciting as it continues to repeat an almost extraordinary expanding triangle from last March as highlighted by Don Haines in the daily perspective. Without the following template it would be a real challenge to pin down.
Although has Cable faded the 1.5920 5=1 target area and that daily trend resistance to settle up a pivotal 1.5820-1.5920 consolidation, a likely attack on the 1.5920 high again in the next 24 hours should prove deceptive and so typical of Cable. As while it fades below the 1.5995 high there is scope for a nasty and even more deceptive break down through 1.5820 to an ideal 1.5745 repeating a 55% decline last April 18th. So yes we are still short term sellers but looking to buy this weakness for an eventual break of 1.5995 to blow the range again and expand the medium term correction to 1.6165.
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