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The Trader Advantage: Cable Bulls Get Momentum Without Price Action
Excerpts taken from The Trader Advantage Program
Price action on cable has been the weakest of any pair over the last few weeks of trading, but right now, it appears that has formed a swing point low in the 1.4900 area. This should support the pound over the upcoming sessions, and could allow it to test the 1.5450 area. A break above price point would change the Gbp/Usd outlook to long.
Overall View: Looking for a near-term down-trend continuation
4 Hour Chart Flows: Short. Price Points: 1.4783, and 1.5194 Looking for: Near-term bearish price action
Momentum: The cable trend went Short in early February, and has meandered lower with no real desire to move to far either way. Moves to test that short trend are hard to come by at the moment. Elliott Wave: Cable momentum has slowed down recently, with a corrective black wave 2, which is sub-of a lower wave 5). It is expected that pair will fall much lower once wave 2 completes somewhere below the upper falling trend line. A powerfull wave 3 should be seen in the near-term with moves towards new lows.
TheLFB Charting: Gbp/Usd 4 Hour View
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