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Trade idea: Buy Cable ahead of ECB and non-farms
Ian Coleman from First 4 Trading is looking to buy sterling dollar. He says we won't see much price action before Thursday, when the European Central Bank and the Bank of England meet, or Friday, when we get the non-farm payroll data from the US.
On the technical side, Ian says that for the second day in a row the dip was bought at the daily Ichimoku Cloud but the rally was also sold close to Friday's Marabuzo level (1.5978) resulting in cable posting mild gains by the close.
As a result, Ian is looking to buy a dip at 1.5932 or a break of 1.5982, to place a stop at 35 pips from the enrty and his last target is 160.48.
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01:28 minutes
Tags: bank of england, boe, british pound, cable, dollar, ecb, first 4 trading, forex, fx, fx markets, gbp, ian coleman, interest rates, investing, investment, non farm payrolls, pound, profit, profit making, rates, saxo bank, saxo tv, sterling, the uk, trader, trading, tradingfloor.com, uk economy, us economy, us jobs data, usd