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Perry: Why I'm selling cable on new lows
As cable finds itself under more and more pressure, Richard Perry from Hantec Markets is planning to sell. He says he's getting "worried" about the bullish outlook on Cable.
He explains that on Wednesday, sterling dollar printed under support at USD 1.6336, the lowest since late December. This means the uptrend since July on the daily chart is now under serious pressure while a small head and shoulders top pattern is also close.
In addition, Richard says there is fairly sizeable intraday resistance around USD 1.6400 and he would see any recovery towards there as a chance to sell as the near term pressure for a correction is building.
As a result, Richard expects a retest of Wednesday's low at USD 1.6321, with a test of the old highs around USD 1.6260 increasingly likely. He plans to add a stop in above the two day high at USD 1.6463.
01:09 minutes
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