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Deciding on the way that you want to trade ‘The Cable’, this will walk you through a way of trading ranges. GDP to be announced just 24 hours away from now and testing a key resistance of 1.5400, a reversal in Cable’s move is expected.The weekly chart suggests a good move taken from the bottom and bouncing to 1.5400. Cable looks like respecting these levels. GDP is expected at 0.6% as compared to previous 0.3%. For Cable bulls it might be a bad day and retracement can extend up to 1.5100.What to…
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WEEKLY Technical Outlook on EURUSD
EURUSD made a low beneath 1.2800 but then respected trend line support level and bounced heavily on 10th July, 2013.Major factors of this abrupt appreciation were Bond auction and FOMC meeting. Continuous better news from Euro and USD’s weakness has brought the pair to a key resistance (1.3300) now.The cluster of resistances is seen near 1.3300 to 1.3330 which may not be breached easily. We expect EURUSD to retrace back to 1.305-1.31 being major supports in the coming days. Economic news to be …