[B]My picks:[/B] limit order to go short GBPUSD at 1.5215, against 1.5360, target 1.4900
[B]Expertise:[/B] Technical
[B]Average Time Frame of Trades:[/B]
There are short and long term trade opportunities in Cable. Bigger picture, wave 4 within the 5 wave decline from the 2007 high (2.1160) is probably still underway. 1.5735, the confluence of the 38.2% of the decline from 2.0162 / December 2008 high, seems a likely target. This level intersects with a resistance line at the end of May. Near term, a corrective decline is underway from 1.5356. Fibonacci support intersects a support line at 1.4868 next week. There is short term resistance at 1.5200. Long term structure is bullish above 1.4396 but short term structure is bearish against 1.5356.