Back in early February I posted a short note with a monthly chart on GBP-USD and hinted at the picture I saw on the weekly chart and how this might lead to higher prices for cable. We are a small amount higher now and I see no reason to change my earlier analysis that we could take out highs from 2010 and 2009.
This weekly chart shows where we are now and also one of the key entry areas for longer term long positions which was 1.5980. This was a strong support level for the daily timeframe and a good opportunity to position within the bigger picture. I am watching cable for shorter-term trades within this higher timeframe context as well.
This week I am also preparing for a private seminar over the weekend in my trading room. I am really looking forward to working with the traders who are attending. It is always a lot of fun for all and a great chance to get into a deeper understanding of my trading approach.
Good trading!
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