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With the Interest Rate statement released at 5.75% last month which brought the pound to an all new time height of 2.0561, the pound is taking a breath with a retracement to the 2.0280 level . Seasonal chart shows that the pair usually dives towards the end of July till Mid August.
Cable is in a consolidation after the last bullish movement. The price is just bellow 2,0190 resistance. The volatility is low. Uptrend should continue to gather momentum. My position is still the same as yesterday, buy on the dips while it’s consolidating.
I will open a long position again at around 2,0170.
Hi all,
My name is PeterB and I’ve been trading the cable for quite some time now and thoughts it might be a good idea to post some of my thaughts for the pound. So I’ll popin here daily and post my trades for the day. I’ll be posting at around 7am my time thats, GMT -2 at this stage.
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