I've been monitoring Cable closely, waiting for a clean break above the 1.30 resistance level. Since the start of the month, no solid entry has presented itself, but the bulls seem to be gaining momentum as time progresses.
The chart is shaping up well, with 1.30 acting as a key resistance level. We've already seen multiple rejections this month, with price coming within 10 pips before reversing sharply.
If we get a confirmed breakout above 1.30, I'll be watching for a retest to establish it as support before entering a long position. The target is set at the psychological level of 1.325, aiming for a 3:1 risk-to-reward.
The chart is shaping up well, with 1.30 acting as a key resistance level. We've already seen multiple rejections this month, with price coming within 10 pips before reversing sharply.
If we get a confirmed breakout above 1.30, I'll be watching for a retest to establish it as support before entering a long position. The target is set at the psychological level of 1.325, aiming for a 3:1 risk-to-reward.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.