Back
7 Jan 2015
Cable: Trading bearishly on an intraday basis - FXWW
FXStreet (Bali) - According to Sean Lee, Founder at FXWW, as GBP/USD price action stands, it takes a brave person to go limit long GBP.
Key Quotes
"A market always looks like it’s most bearish at the bottom but it would be a brave person who would go limit long GBP right now."
"EUR/GBP: Despite a very bearish EUR, this pair has started to bounce again off major technical support at .7750 and perhaps the market is simply short enough already? All shorts are relying on the SNB to sanitise their intervention (sell EUR/GBP to offset EUR/CHF purchases) but if this doesn’t happen then the squeeze starts."
"GBP/JPY: Another heavily positioned pair which is currently being seriously tested after 190 resistance held firm again. Cable: Trading bearishly on an intraday basis and the fact that we close today near daily lows tells us a lot."
Key Quotes
"A market always looks like it’s most bearish at the bottom but it would be a brave person who would go limit long GBP right now."
"EUR/GBP: Despite a very bearish EUR, this pair has started to bounce again off major technical support at .7750 and perhaps the market is simply short enough already? All shorts are relying on the SNB to sanitise their intervention (sell EUR/GBP to offset EUR/CHF purchases) but if this doesn’t happen then the squeeze starts."
"GBP/JPY: Another heavily positioned pair which is currently being seriously tested after 190 resistance held firm again. Cable: Trading bearishly on an intraday basis and the fact that we close today near daily lows tells us a lot."