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Spread betting forex markets: short term outlook for the Sterling[Posted on Sunday 02/08/09]
For those who are interested in spread betting currency markets, my analysis indicates that the Cable (British pound/US Dollar rate) looks set for some strong moves over the next few weeks.
My latest views on trading opportunities for spread betting forex was presented in the Market Timing Update sent out to subscribers on Wednesday evening (29th of July). In that edition, I noted that there had been a real improvement in the technical evidence and highlighted that the medium term outlook had become more positive.
I concluded that analysis by stating that while things looked more bullish for the Cable, only a resolution of that long-running flattening top pattern either way would indicate that a new position was called for.
In other words, we expected a break above the upper horizontal resistance around 1.6580–1.6620 to lead to further upside while a breach of 1.6250 would herald a deeper selloff.
Well as things stand, last Friday’s move of 216 pips gave us the break we had been awaiting. That strong move took the Cable to 1.6718 and now suggests further upside for the GBP.
The technical evidence suggests very strongly that the move above 1.6620 should herald a further advance in the Cable to at least 1.7250 in the medium term.
From current levels, the immediate upside target is 1.6850 and then the price band 1.7020–1.7050. As always, all bets should be protected with adequate stop losses.
Upside price target areas: 1.6850; 1.7020–1.7050; 1.7250
Price support areas to look for: 1.6620–1.6580; 1.6490–1.6520
While we are very happy to provide you with the free Spread betting tips outlined here, as the saying goes, give a man fish and you feed him for a day. Teach him to fish and you feed him for a lifetime. If you want to master the skills and techniques displayed in these analysis on spread betting forex markets, come and learn professional trading techniques on our spread betting training course run by the editor of www.spreadbettrader.co.uk.
Have a great week in the markets,
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