Cable Update (GBPUSD)

long again @ 1.3012

lol, then you can't have been paying much attention in those 6 years.

closed @ 1.3028

i am going short i don't like this move its up and no actual Movement on MACD
small position target will be 1.2970 looking for 40-50 pips

update.

Hi would be great to meet if you are FX trader based in Dubai

I am in Dubai too

Quoting Marz30
"This pair is up 100 pips off no news don't think I've seen that in my almost 6 yrs of trading, maybe once or twice

There is currently a live debate raging in the House of Commons on the Brexit Negotiations:

http://parliamentlive.tv/Event/Index...f-34d0b7198ee4

GBP/USD finally reached the resistance at 1.3030. A breakout above that level could lead to another rally to 1.3100.

The Bulls have consolidated below the Bear Support (Resistance) of 1.3047...This is a sign of bullish weakness.

A break now below the mid point (Red box) would see an attempt to stop the average making a high (yellow dashed line)

So we see a couple of hours later the Bears were unable to stop the Bulls breaking the average high. This makes it now a stalemate situation leading into the London open in a a couple more hours. Generally once the average is broken price returns to it to form another bump so the longer they can hold above it the higher the average can gain making the bump so much higher for later.

update.

GBP/USD reached a high at 1.3080 before it bounced off from that level and formed a shooting star candlestick on the four-hour time-frame. If the signal for a move to the downside is valid there will likely be a drop to 1.2900.

Touched once 1.3065 to slightly above R2 at 1.3075.

From here, bullish bias make kick it to 1.31956 as full target plus minus, bearish bias may see it down to 1.2985 region.... lets see how it goes

1.3089 region needs to be breached for upside....

Bear in mind the higher timeframe long term resistance down trend line is approaching given this week max move to 1.315X region, longer term downward structure still intact. The wayward movements for all perhaps is due to no safe haven to park your money so that explains for up coming gold and the already up crypto.

I am long from 1.30478 looking to retest the high of this week at 1.30717. I have my TP set for below that at 1.30652. If the pair can get above the high of this week, there is not a lot stopping it before it gets up to the 1.31171 resistance from back at the 3rd of August.

Higher timeframe target once cleared 1.3050 and becomes support will likely target 1.338X, 1.3510 is the target to clear for bulls