Cable is being written off by many but could surprise this year if the Brexit talks prove to run more smoothy than predicted .
We’re sure to get some decent volatility from this pair in the coming months and plenty of tradable news plays.
I’ve used a weekly chart to show the levels that I will be watching. We broke through the trendline (during yesterdays trading) that stretches back from late August 2015. Providing the momentum keeps up, then the next key target is the 2017 high at 1.3655. A breach and hold of that level would be extremely bullish and get the bears scurrying to cover, and open the door to the 1.2835 former swing low from Feb 2016.- which is also in the area of the 38.2% of the 2016 high to 2017 low.
The big target if cable were to get one of those ‘rocket to da moon’ periods is the 61.8% of the 2014 – 2017 highs to lows (blue area) ……..but that will never happen this year of course 🙂
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