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17/02/2014: Bought GBP/USD @1.67250

I have just bought GBP/USD at $1.67250.

The drift back today is finding support above $1.6700 and with the medium term trend remaining strong this looks to be a decent chance to buy.

During the last six days the rising 55 hour moving average has been a very good basis of support and once more it is proving to be the case on the recent correction.

The hourly momentum indicators have unwound from overbought, with the RSI back to a buying level around 40, the MACD in bullish configuration and a crossover buy signal on the Stochastics.

I expect Cable to be running higher to retest the $1.6822 (97 pips) overnight high once more.

I have put my stop at $1.6688 (37 pips) which is just under the $1.6690 support.

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