Dynamic Trader Forex Blog FXCPS.co.uk: Cable Update

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = GBP : Day Chart & 60min (Posted Below)

Due to the confluence of events from last week, which led to little postings, I am going to continue our following of the "Cable" and would ask you to look back at our initial analysis of this cross to get the overall feeling of where it is. Please press on this " link " to read it now.

Since the "Break out" of the RN, VI and trading channel / Resistance we have seen a rise in price of around 500 pips in the two trading days. After such a large move it is only normal to expect a breather or pause in the move and that is what we have as I write this blog.

We could see price pull back and use resistance as support giving us an ideal opportunity to enter the trade.

On looking at the 60 min chart you will see that from the recent higher highs (a bearish engulfing candle) we have "Divergence" followed by the MACD lines crossing over, RSI below the mid line and stochastics heading down.