Cable is in an up trend.
Price retraced from the high to a previous Resistance level at 1.6250.
This also the Daily 100 Period Moving average.
Chart below:
Price has now begun to move higher and the averages have crossed back to the upside.
I am looking for a long position on a pull back to over lapping support as detailed below.
Levels and chart below:
1st Entry: 1.6380
2nd entry: 1.6370
Averaged Entry: 1.6375
Stop Loss: 1.6340
1st Target: 1.6500
2nd Target: 1.6620
3rd Target: 1.7000
I will be moving the stop loss to break even eliminating the risk on a test of 1.6425
I will update again when the position has been opened.
Have a great week.
MDT
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