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GBPUSD – Cable Seeking Bullish Confirmation
Cable is looking much more bullish since breaking though the 233-day simple moving average a couple of weeks ago and now it faces a key test of its bullishness, with the retest of that key SMA. When a big support or resistance level is broken, a key test of the quality of the break can be how well it stands up to the retest. If it holds, then the role of this level has changed, in this case that would be from a resistance level to a support. This acts as confirmation of the break and in this case gives the impression that sentiment towards the pair is much more bullish. So far, the level has survived the first test ... (full story)