By: Adrian Friggieri
GBP/USD (Cable) is still keeping up once again its range, today it has already tried the 1.5705 top 3 times and it seems that this resistance is holding well the pair within the range. Failing to have a strong push above this area we will keep seeing cable range again for the next trading sessions.
Whilst ranging markets could still be profitable for retail traders usually the major trends both up trends or downtrends would be preferred. Ranging markets sometimes if well identified the tops and bottoms could result into easier pips as a point of fact as the predictable support and resistance would have more chances to hold than other days.
Should cable make it above the 1.5705 area would probably mean a race to the 1.600 areas, resuming the major uptrend which was started in June this year.
Support on the other hand is strong at the moment at 1.5550. breaking this support to the downside would probably mean a possibility to go down to 1.5340 once again as a next support area. However the uptrend although slow seems until now prevailing on the pair.
