Nice GBPUSD Setup, Suggesting a Rebound

Here’s a daily chart of Cable:

GBPUSD daily chart 7-13-2011GBPUSD daily chart 7-13-2011

As you can see in the daily chart above, we have a nice reversal candle formed yesterday, closing just a few points below former support at 1.5950. I think that a break above this level in the next sessions would be a good buying opportunity with an initial target around 1.61 where next resistance resides. Actually there are two potential entries I am considering: one being on break above 1.5950 and one on the intraday pullback towards 1.5870/00.

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About abwehra group

The Art&Science of Trading Gold
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