Cable has been in a longer term up trend on the daily chart.
Last weeks USD strength has created a pull back to 1.5750.
This level is a 50% Fibonacci level from the previous swing low at 1.5236 to the swing high at 1.6300.
Chart below.
As you can see from the Daily chart above, the stochastic is showing oversold and has now crossed over.
Should we get a break back above the 4Hr 20 EMA, I will look to the short term charts for an entry long.
The 15 minute chart below is showing that price is trapped in a range. With resistance above at 1.5840 and support below in the form of a double bottom at 1.5780.
Chart below.
I will update once price has shown its intentions with direction.
There is good sterling news out over the next 72 hours, so let see if we can profit from that.
Have a great day
Regards
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