Here’s a good long opportunity that I see on the Cable. As you can see from its chart, the GBPUSD forex pair has been on an uptrend. For the most part of the day, I’ve been waiting for it to correct back to its uptrend line. Finally, it did. Presently, the pair is trading right at its uptrend support. With its stochastics at oversold region, the sterling might bounce again versus the US dollar. Given this, I’m going to go long on the pound and sell the US dollar at present levels with my target at 1.5600 and my stop loss at 1.5510. Wish me luck!
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