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Cable Update (GBPUSD)

  • #460,841
  • Jun 3, 2018 3:13am Jun 3, 2018 3:13am
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  • #460,842
  • Jun 3, 2018 1:12pm Jun 3, 2018 1:12pm
Are you tracking cable this week? Here's a technical analysis on GBPUSD.

The bearish move started three weeks ago on the GBPUSD appears to be threatened with the pinbar printed by price action last week. The pinbar was formed around a support zone and in confluence with the 50 Fib retracement of the upward move since January 2017. Should bulls succeed in a follow-through this week, we may see price action retest the high of the weekly candlestick formed two weeks ago, which is around the 1.34990 area.


Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #460,843
  • Jun 3, 2018 1:23pm Jun 3, 2018 1:23pm
On a short-to-medium term basis, I am bullish on the pair. I expect a southward turnaround of price action after a major northward retracement, and that will see me disposed bearish. A long-term bearish disposition is likely to be kicked in when the support trendline (red) is breached on a daily closing basis.

I may be wrong. Trade safe and prosper.

KP

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Quoting KeenPips
Are you tracking cable this week? Here's a technical analysis on GBPUSD. The bearish move started three weeks ago on the GBPUSD appears to be threatened with the pinbar printed by price action last week. The pinbar was formed around a support zone and in confluence with the 50 Fib retracement of the upward move since January 2017. Should bulls succeed in a follow-through this week, we may see price action retest the high of the weekly candlestick formed two weeks ago, which is around the 1.34990 area. Trade safe and prosper. KP {image}
Do your homework, follow the footprints of smart money
  • #460,844
  • Jun 3, 2018 1:45pm Jun 3, 2018 1:45pm
3 up days played out I want a prize

Seriously, from a monthly and quarterly point of view we are in shit street atm however if we can trade over 1.3390 then the longer uptrend continues and the possible June target is 1.39000 (res 36650).

Shorter term 1.3350 I think is the key so looking long over but short below this level.

Good luck
All charts/ideas based on UK time zone
  • #460,845
  • Jun 3, 2018 9:41pm Jun 3, 2018 9:41pm
Resistance now.

Likely retrace possible both in GU and GJ.
Intraday only.
  • #460,846
  • Jun 3, 2018 9:49pm Jun 3, 2018 9:49pm
Quoting Ill-b-back
{quote} What is the significance of the previous 15 months when it's Oct 2016 that marks the low?
15 months ago was the start of that new year. Starting from consolidation rising all year to a new consolidation and then retraced 50% in just 2 months this year.

It means nothing to me in regards to placing a trade in either direction, just an interesting observation. I care little for Fib levels, haven't used em for many years.

It could be argued that every pip on the chart is a level of something or other but these don't indicate a change or a continuation, simply not enough information to make a decision.
  • #460,847
  • Jun 3, 2018 10:23pm Jun 3, 2018 10:23pm
Quoting navk
Resistance now. Likely retrace possible both in GU and GJ.
Im expecting that
  • #460,848
  • Jun 3, 2018 10:44pm Jun 3, 2018 10:44pm
Quoting Nala66
{quote} 15 months ago was the start of that new year. Starting from consolidation rising all year to a new consolidation and then retraced 50% in just 2 months this year. It means nothing to me in regards to placing a trade in either direction, just an interesting observation. I care little for Fib levels, haven't used em for many years. It could be argued that every pip on the chart is a level of something or other but these don't indicate a change or a continuation, simply not enough information to make a decision.
Ok thx Nala.
I don't quite have 50% retrace reached yet, as it comes in at 3183 on my platform, but maybe just different feeds.
Attached Image (click to enlarge)
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Come with me if you want to live....
  • #460,849
  • Jun 3, 2018 11:13pm Jun 3, 2018 11:13pm
Gbp/Usd is trading slightly up before UK PMI figure, found immediate resistance at 1.3375. But the pair remains directionless long-term.
  • #460,850
  • Jun 3, 2018 11:58pm Jun 3, 2018 11:58pm
News at 9.30 am gmt should be positive, time of the year and property market in general seems to be moving so construction as a whole should be good - to say break even but more learning to a plus on the score board .. famous last words i know any shorts today maybe see one later on lets see
  • #460,851
  • Jun 4, 2018 1:33am Jun 4, 2018 1:33am
PMI data a modest improvement

You would think this time of year it would be stronger not really a great sign - percentage of industrys who rely on construction is quite high - service companies, suppliers, materials trades people etc etc so be interesting to see how the next quarter plays out .. esp as one month will be lost as Aug not a lot happens anywhere lol
  • #460,852
  • Jun 4, 2018 3:11am Jun 4, 2018 3:11am
A nice move up this morning, currently testing 1.3390 I think it could be very bullish over this price, possible 5th on the 5 mins
All charts/ideas based on UK time zone
  • #460,853
  • Jun 4, 2018 3:14am Jun 4, 2018 3:14am
Quoting Luzbay
I see this being the basis of a short term recovery/retracement. I'm long at 1.3339, looking at 1.3410 as the top of this move.
This is still my trading plan. If we hit 1.3410 I'll close my long, then wait for a retracement to approx. 1.3370 to hop back on the bus.
  • #460,854
  • Jun 4, 2018 3:34am Jun 4, 2018 3:34am
Quoting Ill-b-back
{quote} Ok thx Nala. I don't quite have 50% retrace reached yet, as it comes in at 3183 on my platform, but maybe just different feeds. {image}
No worries mate, I am not at my PC until tomorrow so I cannot show a picture. I didn't have exactly a 50% retrace either but who says it has to be exact.
  • #460,855
  • Jun 4, 2018 3:53am Jun 4, 2018 3:53am
This is my current cockpit view.

Any clean break of 1.34 looks tasty.
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  • #460,856
  • Jun 4, 2018 4:22am Jun 4, 2018 4:22am
Quoting Ill-b-back
{quote} I think you maybe right or thereabouts Luzbay, certainly a better outlook than I have managed to publish this week. Looking at the monthly, I have a decent reaction zone around that area. I feel It's always good to acknowledge our mistakes, keeps our feet on the ground and helps us improve. {image}
Currently retesting reaction/resistance area
Attached Image(s) (click to enlarge)
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Come with me if you want to live....
  • #460,857
  • Jun 4, 2018 4:26am Jun 4, 2018 4:26am
Quoting Nala66
{quote} No worries mate, I am not at my PC until tomorrow so I cannot show a picture. I didn't have exactly a 50% retrace either but who says it has to be exact.
Yeah it doesn't.
My own personal view is that a fib isn't relevant until it's been reached.
Price can spike through it before reacting to it and it's ok in my book.
However, I really only pay attention to fibs that coincide with PA support/resistance/reaction. I feel this adds much more weight to their importance.
Looking forward to your charts.
Come with me if you want to live....
  • #460,858
  • Jun 4, 2018 6:31am Jun 4, 2018 6:31am
My GJ short is doing well...
Intraday only.
  • #460,859
  • Jun 4, 2018 9:15am Jun 4, 2018 9:15am
Quoting navk
My GJ short is doing well...
Great, i have it on GU

Attached Image (click to enlarge)
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  • #460,860
  • Jun 4, 2018 10:48am Jun 4, 2018 10:48am
Quoting batus
{quote} Great, i have it on GU {image}
More bearishness is expected in GU and GJ on Tuesday.
Intraday only.
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