Entered 2 new swing positions today, a EUR:GBP short and a EUR:USD short which I'll discuss here.
Just to get things straight, this position is risky, has low probability of being an instant winner, and goes against short term retail sentiment which is incredibly bullish right now.
However if the main trend is still to remain
The rally in Cable over the last couple of Weeks has shown considerable strength and though I have mixed opinions from a fundamental perspective, it is more than possible we'll see trade-able pull back from current levels.
Judging how deep that pull back will be is a little more tricky, so here are a few charts to help you find your own conclusion: