Cable Update (GBPUSD)

let's take the guessing out of the equation and post the outlook on a chart

Cancel that

Let see on tuesday on clear break out

Hi, fellow-traders,

I have been and am about to be a silent reader. However I have decided to stick a couple of pictures.
I hope they will be helpful for you.

Pic 1. Facts.

1.1. Look at the white brackets' lines. As you can see they are descending for the last six weeks.
1.2. The price have broken through the lowest red line (a half of Standart deviation) and come back to it.
1.3. At last you can see W#7, W#9 and W#18 - the untouched POCs weekly. These levels should be hit before the major upmove happens.

From this picture we can conclude two possible scenarios. The red arrow scenario is preferable, but the green arrow scenario might be forced as well, as the lowest green band could reject the price.

Pic. 2. Initial balance (IB) Facts (Monthly).

2.1. You can see the previous month IB structure. You can see the 50% and 100% areas have already been worked out and the price has closed below the 100% line.
2.2. There will be the new month IB formation on Monday and Thuesday. As soon as the new IB is formed below the previous month structure and the close price on Thuesday is below the 100% red line of the previous month IB, the price is very possible about to go down much lower next month.

The price area of 1,2927-1,2928 might support. Here we might see buyers for the first time.
The second area of buying might be at 1,2750-1,2800, though at first we should see the new month IB structure to be completely formed on Thuesday.

Best
D.P.

Gbp/Usd is consolidating in the negative territory just above 1.31 level, showing no clear directional strength.

The bulls have found support and retested it however there is a bear support I missed at 1.3235

Well that was an easy no-brainer trade today. less than 30 minutes

in all probabilities bulls are trapped now if we dont have a follow through. my guess is the tick at 9:30 will reverse all the gains or we will see some follow up buying

My sentiment for the short and long term in screen shots:

Daily:


Hourly:


Weekly:

Ask yourself a question would up put up interest rates before or after the Budget if it is in the same month ..
If you were going to put them up at all this month - how about early next month .. after the budget and the chancellors speech

Ask yourself these questions...

Is the market trading above or below the average?...above

Have the Bulls found support?... yes

Market is therefore bullish for the time being.

Bulls are in, but the volumes on all time frames show as below average to low, so it is still ranging, that is my view, no obligations to anyone.

It'll be good to see how it's going to close today.

Approaching trouble area.

disregarded all my R's in this down leg, will look to sell against 3295 now...

The main idea is 1.39 than 1.47

Nice bounce off your line

gbp is bullish it took its tl on the index this week
gbp aud just broke its weekly