It has been a very quiet trading session in Asia on Thursday with most of the majors trading in 40-50 pip ranges. Cable seem to have taken a break after some massive movements in the last few days as there was no news reports emerged from the new Prime Minister, David Cameron and no news is always good news for cable.
GBPUSD has inched upward from the low showing higher highs and lows since early Asian session.
Drawing from 5 MTF chart (refer to the 5 MTF above), the pair has moved pass the 61.8% fibo retracement thrice but bounce of the 365 EMA. At point A, the pair bounced off the 365 EMA but the 61.8% fibo managed to support the price from falling further. At this level I make a long entry with blue lag moving pass the 15 level, RSI moving away from 50 level and MACD crossing the signal line from below. Exit is at point B when prices touched the daily pivot and 155% extension.
At around point B, with prices fading from the pivot and 1.4900 level a short position was taken with target price at Asian support(1.4815)
