GBP/USD: Cable Builds Support as Retail Traders Load-In

GBP/USD: Cable Builds Support as Retail Traders Load-In

GBP/USD Talking Points:

– The British Pound continues to coil in the longer-term wedge that’s been building for the past couple of months, and this has held through a variety of developments on the Brexit-front, both good and bad. Long-term support is around the 23.6% Fibonacci retracement of the Brexit move, which helped to mark the August-low, continues to hold. This has led into a series of higher-lows on both long and short-term basis.

– Retail traders have been holding a bullish stance in the pair for the past two months, and this further complicates topside approaches. As a considerable lack of clarity continues around what Brexit might ultimately look like, and buyers have seemingly ignored positive developments. When a market does not rally on good news, be very careful of buying.

– DailyFX Forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And

Article source: