GBP/USD - trapped between two trend line levels
Outlook on Cable remains bullish, given the bullish break from a larger falling trend line noted here
Trapped between two trend lines -
Red - Drawn from from Aug 25 high and Nov 2 high and extended
Blue - Drawn from Sep 30 low and Nov 6 low and extended
Unless there is a clear breach of either of two trend lines, it is advisable to stay on the sidelines.
Note - that we have had a bullish break above Red trend line yesterday, hence bears may have to wait for fall back below the same on day end closing basis before jumping into markets, while bulls could be happy with an hourly closing above blue trend line
Trapped between two trend lines -
Red - Drawn from from Aug 25 high and Nov 2 high and extended
Blue - Drawn from Sep 30 low and Nov 6 low and extended
Unless there is a clear breach of either of two trend lines, it is advisable to stay on the sidelines.
Note - that we have had a bullish break above Red trend line yesterday, hence bears may have to wait for fall back below the same on day end closing basis before jumping into markets, while bulls could be happy with an hourly closing above blue trend line
