Cable Update (GBPUSD)

??

gbp aud is + 163 pip rb
about a 20 pip lower wick major > tl break

eu is just limited for up full stop take short signals only type situ
wait for bears to take back control,correction

Hi, fellow-traders

It is possible that bulls are in control of the market. Wednesday should confirm it or not.

Why so?

1. Although 50% of the current month IB (Pic. 1) is still below the 100% line of the previous month's IB, the price is coming in to the 0%-100% area of the previous month's IB, what could bring us to the level of 50% for testing almost surely - 50% of the previous month's IB, I mean.

2. The current price level is nearby the local 4H high, what could force the price to be closed higher than this 4H high.

3. But the main thing I am thinking of is that week's IB currently formed today (Pic. 2) shows me the new fact - the 50% IB level (the red line) is higher than the previous week's 50% level (the green line), fortunately slightly, what confirm the bulls might control the market.

For us to completely understand what is happening we need looking at Wednesday's activity.

Additionally, I must say that the current week's IB is wider than the previous week's IB, what could (possible, but not necessary) not give the price go much higher this week, thus the price could be fluctuating within the area of 0%-100% till the week's end. Let us see.

Best
D.P.

Hello guys,
IMFO,
after the thurdsay rate hike which is already 90% priced in so if inflation report matters most important question will be is it one and done thing or not??
if that will be the case POUND will get hit hard,
as we all know BOE can surprise too,
so with my money i will wait for the statement, if there is any indication of rate hike soon, then pound will hit 1.3600
and if that will be ONE AND DONE THING ( which i presume it will be) then i will wait for the spike to sell and keep selling till 1.30 maybe 1.29
for me its all about wait and watch, what surprise they will deliver to the market.

Well there you go.

I am not expecting much today as we await the average doing a bit of a catch up.

The daily bar should be small and bearish as it is looking for bull support to take price to 1.35726. That is too far away for my trading unless I put a tiny trade on for the duration which I think is a waste of time.

Better to await the arrival of either bullish or bearish supports on the one hour and then trade the 5 min accordingly.

Actually it looks like we need a new bull support on the hour before advancing much higher.

GBP/USD is in a spot where I'd expect it to go down but it is showing a lot of resilience to the upside.

Holding long position here. Already cashed half of it few moments ago and stop @BE+20.
Will give it a bit of candles to see how it develops.
Not sure about what happened today down there between 1.3190 and 1.3220 GBP just exploded up.



Atm for what I see price is still ranging 1.30 - 1.33 but looks like market is pushing for the incoming expected rates hike. If that's the case, I'm for a possible extended move to reach the 1.3440. Maybe 1.3460-80 to reach againg that multi-year descending TL.

This one:



better seen in daily



I always thought that the line will give up if and once market will forget or forgive about brexit. Or maybe the day market will decide that brexit is good for UK.


Good luck every1

Here is my daily for what it is worth...

passing on this now, try shorts at 3376 instead....

ok cashed out even more of the trade here near 1.3310 which is btw a good resistance imo.
will let just 1/5 of original trade to run and spend the remaing part of the week in scalping (trying to.. ) incoming moves

It's a short. The hike has already been priced in. Market will go down even there's no hike because it'll question the BOE reliability and inability to make the right policies.

GBP can still go higher but that will depend on the monetary policy statement

Reminds me of the saying NO one can get it right all the time, however for the most part your pretty close ..

When I yell hello I only hear an echo... "HELLO Hello hello" Any eagles flying on GBPAUD looking for food?

why did you see long ?

its very true no one can be right every time , but yesterday was the 31oct

but I am right it can only retrace is what I said ,not always can I be that confident
now time will tell