As I mentioned on Friday, my GBP antennae have been piqued and I feel that we are in for a big downside move over coming weeks. I’m trading this view via cable and GBP/AUD.
- Cable has settled into a sideways/downwards channel over the last 5 months and it will need to break convincingly below 1.4950 in order to generate fresh momentum. I’m playing from the short side in expectation of a test this week. I see 1.5250 as the topside resistance level in the short-term.
- GBP/AUD was the big mover on Friday night and we are nearing very important support just above 2.0800. If we can see a few daily closes below there then my view will be strengthened appreciably.
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