Cable is on the rise in the past few days, riding primarily on the weakness of the dollar.
What levels should we watch? The team at JP Morgan provides a chart and levels:
Here is their view, courtesy of eFXnews:
Having broken 1.5007 (minor 76.4 %) decisively, GBP/USD increased the risk of extending to 1.5151/69 (daily trend/pivot) and possibly to 1.5314 (int. 38.2 %) once more, notes JP Morgan.
“Below 1.5151/69, the market remains vulnerable to breaks below 1.4856/42 (last low/hourly trend) and ultimately below 1.4687 (minor 76.4 %), which would resume the downtrend in favor of a test of 1.4374/1.4228 (76.4 % on higher scale/2010 low,” JPM argues.
“Only above 1.5314 we’d see a game change on big scale supported though,” JPM adds.
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