Cable waits for BOE

Cable6Cable anticipating BOE by going precisely nowhere! All we can say is 1.5550 region represents strong support & is also where have the 200 ma.

The pair has been rotating around the VPOC (the volume point of control) on the daily in the 1.56 region for some time, but we don’t have to wait much longer to see if (and how far) cable can pull away from this price zone.

For the British pound in general, we have seen some great moves higher against the CAD, the JPY and the euro, but what is interesting on our currency strength indicator the British Pound is now looking heavily overbought, particularly on the weekly and monthly charts. However, an important caveat, currencies, markets and instruments can stay heavily overbought (or oversold) much longer than you or I can stay solvent! Nevertheless, an interesting technical picture ahead of today’s important fundamental news for sterling.

By Anna Coulling

Charts ar from MT4 and the indicators from  Quantum Trading

About Anna 1054 Articles
Hi – my name is Anna Coulling and I am a full time currency, commodities and equities trader. I have been involved in both trading and investing for over fifteen years and have traded many different financial instruments, from options and futures to stocks and commodities. I write and publish articles ( mostly for free ) for UK and international publications on a wide variety of financial issues, and in particular I enjoy helping others learn how to invest and trade.

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