Cable Update (GBPUSD)

data inline with expectation

Dollar index was kinda hesitating there when the gbp was around its open ,,,,, this all started back when the asian session got going good ,,,, the neck line on that little H& S pattern was the resistance, took a few pokes to get the big boys on the same page lol,,,,,,,, it got to the pivot , tht was my tgt from previous post ,,,, quarter is complete for me lol,,,,,, cheers all .

After yesterday rise to the resistance line. The price tested the resistance and went down to the point of 1.29408. However, I assume that this is a temporary drop in price and then price will again go up to the point of 1.30375.

Me too. But different direction

time to reverse, play small long...1.2965

h1
DOWN
H4:up
Short[0.72905}

Perhaps blue horseshoe likes GBP...

That bounce up is strange since no other pairs followed accordingly.

Target hit

12970 is a high prob target GL

Well boys 2735 or 3180 heads or tails play it as you see it . The worry is the gap in Eu at 0760 ????!

Think this baby is gonna drop now? double top forming on 15, 30, 1hr TF

Interesting opening gap. Possibly caused by post market trading.

Let's get some long trades in today! Looking ripe for the pickings...

Not sold on a buy just yet, still have so strong return point below! Best of luck

The gap in my opinion changed the entire ball game. I think that there was post market trading on Friday which is why the gap lower happened. For this reason, I think there was proper interest at the highs of Friday and the daily bar should have ended doji. Flat as a tack personally until either a decent pull back to 1.29 or short on rejections above.

Pending sell limit at 1.038. sitting on my thumbs till then. Happy trading

As expected the bulls rested on Friday to allow the rounding of the EMA thus allowing themselves the opportunity to find a new support level which they did at 1.2997.

This level is also very close to the previous average high so it is a trouble spot. i.e. the bears may try to stop the average or the bulls may bounce up via the support.

Noting the bulls did take out the monthly high also.

I suspect, though not sure yet, that the bulls will take the ball and run with it...breaking the current high will tell us that especially with that 1.3210 resistance looming overhead.

Long term chart. I like the 3 bottom support and indicators. RSI doing base over 50.

Long on this one.

Gbp/Usd failed stay above 1.3030 level, correction movement continues before UK PMI data. We have a busy week ahead of us for both dollar and Pound which would change the trend.