Late in the week before last week, Cable tumbled to within a hair of 1.7300, then last week spun around and did a sharp and impressive mini-silver spike retracement to within a fraction of 1.7800.
Cable longs (such as myself) would easily clear over 400 points profit (I made above 200-pips though at one point was looking at over 400-pts in the black) by staying long and TPing at a reasonable rate.
Well, it looks like cable is setting up for a repeat.
We're within 2-cents of the pound hitting its hardscrabble low of late week before last.
I see no indications of the pair dropping much below (if any) the lowest level recently marked off, before another fat retracement triggers.
This would give cable bulls a second opportunity to pull substantial gold out of silver on a well-managed trade.
We're in an environment where the dollar can easily slide 5-cents against the British pound.
Though, I would not suggest opening a long for at least another 100-pips down.
Good luck to cable longs.
current market = 1.7462
Cable longs (such as myself) would easily clear over 400 points profit (I made above 200-pips though at one point was looking at over 400-pts in the black) by staying long and TPing at a reasonable rate.
Well, it looks like cable is setting up for a repeat.
We're within 2-cents of the pound hitting its hardscrabble low of late week before last.
I see no indications of the pair dropping much below (if any) the lowest level recently marked off, before another fat retracement triggers.
This would give cable bulls a second opportunity to pull substantial gold out of silver on a well-managed trade.
We're in an environment where the dollar can easily slide 5-cents against the British pound.
Though, I would not suggest opening a long for at least another 100-pips down.
Good luck to cable longs.
current market = 1.7462
