Cable: A wedge - Trading in Kumo- Data doesn't support the rally
I see that UK economic data this month are very negative from Housing market data to labor market data as well as inflation data.
The only reason helping Cable not falling is to come from the resilience of USDollar.
Look at on the chart : GBPUSD is trading in Kumo cloud, and reject 1.5675 resistance level many times , this proves 1.5675 level is a strong resistane.
Most likely I think Cable will sink below the Kumo cloud.
I see a wedge on the chart with a bullish trend line, this is a big wedge with any break always send a signal of new trend.
I think GBPUSD is unable move up currently.
Market should dump GBPUSD to 1.5335 level where I think that is the fair price for GBPUSD
The only reason helping Cable not falling is to come from the resilience of USDollar.
Look at on the chart : GBPUSD is trading in Kumo cloud, and reject 1.5675 resistance level many times , this proves 1.5675 level is a strong resistane.
Most likely I think Cable will sink below the Kumo cloud.
I see a wedge on the chart with a bullish trend line, this is a big wedge with any break always send a signal of new trend.
I think GBPUSD is unable move up currently.
Market should dump GBPUSD to 1.5335 level where I think that is the fair price for GBPUSD
