$GBPUSD back to a historical horizontal support.
Hi Traders,
Here is the cable monthly chart which with tumble that we are having for the past few months we are not at a historical support level which in my opinion is key. Around 1.3945 has been a area that has been holding the cable since 1986. Keep in mind that we have crossed his level few times but the CLOSE never happened bellow this level in a monthly basis.
However, with the EU referendum vote to come in June the cable will probably get in a range before deciding which way it will go but I think his is a great area for the cable to stabilise and IF UK stays in the EU, we will probably see the cable getting bid across the board.
So keep this trend line in mind and lets see how we close this month.
Good Luck!
Thiago Duarte
@thiagotrader
thiago@duarteinvestmentgroup.com
Here is the cable monthly chart which with tumble that we are having for the past few months we are not at a historical support level which in my opinion is key. Around 1.3945 has been a area that has been holding the cable since 1986. Keep in mind that we have crossed his level few times but the CLOSE never happened bellow this level in a monthly basis.
However, with the EU referendum vote to come in June the cable will probably get in a range before deciding which way it will go but I think his is a great area for the cable to stabilise and IF UK stays in the EU, we will probably see the cable getting bid across the board.
So keep this trend line in mind and lets see how we close this month.
Good Luck!
Thiago Duarte
@thiagotrader
thiago@duarteinvestmentgroup.com