GBP/USD Technical Outlook - 3

Sep. 19, 2013 2:16 AM ETFXB
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Contributor Since 2013

Nima Azadi has been engaging in financial markets for over 10 years. His experiences vary from investing and trading in the Tehran Stock Exchange (TSE) and Foreign Exchange Markets to mentoring and consulting on the technical aspects of financial analysis. He is frequently quoted in the Iranian financial press and is constantly invited to financial and educational seminars and conferences. He is a prolific writer has written two educational books on technical analysis in Persian and is working to complete his third book which is to be published by year end. Azadi also has invented several innovative tools to help increase the accuracy of forecasting market moves which include the Time Pivots. Nima is currently working as the chief technical analyst for the Agah Investment Consultancy Ltd, which is the first of it's kind in Iran.

In line with our expectations, Cable reached the top area of its descending channel. It is reasonable for the bulls to liquidate their long positions at current levels. Since we are way off the lows, initiating new long positions is risky.

We will maintain a hold state on Cable as long as the challenge with the channel is not settled.

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