How Low Cable

by Ashraf Laidi
Mar 9, 2009 12:34 | 5 Comments

How Low Cable - Cable Mar 9 (Chart 1)

Cable's sell off ensues on the negative news flow from UK banks (latest round of govt nationalization dubbed as insurance and flurry of realized/unrealized banking losses). GBPUSD shrugs the improvement in risk-seeking trades in FX (seen in yen selling) and extends losses towards a 5-week low of $1.3860, which coincides with the 76% retracement of the $1.35-$1.4997 move. A break below this level is to make way for fresh downfall into the $1.3650. $1.3990 and $1.3960 will emerge as key resistance levels in the days ahead.

 

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Comments (Showing latest 5 of 5) View All Comments
Ashraf Laidi
London, UK
Posts: 0
14 years ago
Mar 10, 2009 9:03
Adelish, I do not think it is a good idea to buy cable at 1.3650 because it may indicate a break towards 1.35 and more. if you want to buy GBP, do it against CAD.

Ashraf
adelish
irbid, Jordan
Posts: 6
14 years ago
Mar 9, 2009 20:47
thanks tones ashraf for your valuable info ....im intersted to know is it a good buy (136.50-136.00)or the cable has a leg down to 135 or more ...i appreciate your help
Ashraf Laidi
London, UK
Posts: 0
14 years ago
Mar 9, 2009 19:59
Hamish, yes, im always cautious from the interim pullbacks in USDCAD. But better to be safe than sorry as far as your stocks are concerned.

Ashraf
hamish
vancouver, Canada
Posts: 26
14 years ago
Mar 9, 2009 19:07
I was surprised to read CAD possible support 125.5 quite the spread to 1.33 resistance.
I can only assume you are anticipating a substantial bear market rally in the near term.
mabedi
mashhad, Iran
Posts: 29
14 years ago
Mar 9, 2009 15:34
Hello Ashraf
Well done Ashraf
I think 1.3671 is the Tp , the retracement 88.6
Thank You