The short-term trend in cable is undoubtedly bearish and this will probably remain the case for the next 2 weeks as we approach the general election data in the UK. Pairs like GBP/NZD have turned bearish and are attracting the attention of macro funds, which usually means that volumes are about to start increasing.
Nevertheless, we are starting to approach some strong long-term technical support levels in cable between 1.4350/1.4500 and I doubt very much if these levels will break easily. Resistance levels are pretty clear now between 1.49/1.50 so there will be plenty of swing-trade opportunities between these two parameters.
I’m looking to trade the edges of this range and I suspect that we could see both sides on quite a few occasions over the next 2/3 weeks.
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