Technical Analyst & Trader @ Vikinsa
Cable Update (GBPUSD)
- #514,903
- Mar 29, 2020 4:00pm Mar 29, 2020 4:00pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
If you are tracking the GBPUSD, consider this technical perspective.
On the daily time frame, GBPUSD market operation has retraced from the all-time low created around the 1.13950 area to around 1.23940. The order flow is in favuor of bulls, but the immediate horizontal resistance is around 1.25800, which is about 120 pips above current location of price action. Should price action reach the 1.25800 area in the early part of this week, we may see them push for a retest of the 1.23940 area. Alternatively, technically, a bearish turnaround at the current location is feasible as price action has been parabolic recently.
Price action has entered a significant horizontal resistance zone, 1.24580/1.26050 (bound by magenta horizontal lines) on the H4 time frame. Technically, the area is likely to witness some struggle between bulls and bears in the early part of this week but presently the technicals still favour bulls. But a bearish move to retest a rising trendline (blue) from recent lows is also feasible; while the 1.21790 area is an immediate horizontal support and may be a magnet for bears.
I may be wrong. Trade safe and prosper.
KP
On the daily time frame, GBPUSD market operation has retraced from the all-time low created around the 1.13950 area to around 1.23940. The order flow is in favuor of bulls, but the immediate horizontal resistance is around 1.25800, which is about 120 pips above current location of price action. Should price action reach the 1.25800 area in the early part of this week, we may see them push for a retest of the 1.23940 area. Alternatively, technically, a bearish turnaround at the current location is feasible as price action has been parabolic recently.
Price action has entered a significant horizontal resistance zone, 1.24580/1.26050 (bound by magenta horizontal lines) on the H4 time frame. Technically, the area is likely to witness some struggle between bulls and bears in the early part of this week but presently the technicals still favour bulls. But a bearish move to retest a rising trendline (blue) from recent lows is also feasible; while the 1.21790 area is an immediate horizontal support and may be a magnet for bears.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #514,904
- Mar 29, 2020 4:19pm Mar 29, 2020 4:19pm
- Joined Dec 2013 | Status: Trader | 19,815 Posts
- #514,905
- Mar 29, 2020 4:22pm Mar 29, 2020 4:22pm
- Joined Dec 2013 | Status: Trader | 19,815 Posts
- #514,908
- Mar 30, 2020 12:22am Mar 30, 2020 12:22am
- Joined Mar 2020 | Status: Trader | 3,499 Posts
Compulsions can be hard to resist
- #514,909
- Mar 30, 2020 1:19am Mar 30, 2020 1:19am
- Joined Jul 2015 | Status: Trader | 2,762 Posts
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
- #514,912
- Mar 30, 2020 2:21am Mar 30, 2020 2:21am
- Joined Dec 2017 | Status: Trader | 30,688 Posts
yes yes yes
- #514,914
- Mar 30, 2020 3:10am Mar 30, 2020 3:10am
- Joined Jul 2016 | Status: Trader | 3,318 Posts
trading is simple but is simple is not easy.
- #514,915
- Mar 30, 2020 3:23am Mar 30, 2020 3:23am
- Joined Jul 2007 | Status: Trader | 17,796 Posts
Shorting rallies this week
COT: The precious data ignored
- #514,916
- Mar 30, 2020 3:24am Mar 30, 2020 3:24am
- Joined Dec 2013 | Status: Trader | 19,815 Posts
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- #514,917
- Mar 30, 2020 3:25am Mar 30, 2020 3:25am
- Joined Jul 2015 | Status: Trader | 2,762 Posts
lets see if this MOFO can break to the up 
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
- #514,918
- Mar 30, 2020 3:29am Mar 30, 2020 3:29am
- Joined Dec 2013 | Status: Trader | 19,815 Posts
- #514,920
- Mar 30, 2020 3:55am Mar 30, 2020 3:55am
- Joined Dec 2013 | Status: Trader | 19,815 Posts
