I played this with a short EURGBP last week. I’m now seeking out longs in cable .
Trading between the levels as we enter the new week. I’ve opened a long trade here at 1.3914 with a tight stop .The shorter term levels are defined by action on the H4 chart ( red lines ). We had a hammer candle marked by the yellow arrow which gives me hope that a bullish bias is the correct course until the 1.3886 area is taken out below. There should also be support offered by the sloping blue trendline .
The last line of defense and line in the sand for my bullish view comes in at the fib combo down at 1.3853 – 43. – So long scalps and day trades for me until this area is breached ……………Wishing you all very successful trading as we enter the new week .