I don't believe the long term decline has ended yet. the ending diagonal wave of the long term impulsive wave has yet to complete. cable free fall coming soon.
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DislikedSome seemingly important levels. Sorry for all the lines and 'spaghetti' on my charts... {image}Ignored
Disliked{quote} The one thing that bothers me about possibly going long here is the huge sell off we saw after approaching the previous high around the 1.264 area, meaning that sellers got their fill. And there were plenty of them (sellers). I could see this area holding for a little while as the pair hugs the previous short term upwards trendline for maybe a few days, gradually moving upwards before another sell off. Who knows. Just speculating here. Ultimately I see this as the last good (and reasonable) spot for longs to cautiously take a few positions...Ignored
Disliked{quote} The big spike up to 2642 seems to be end of month fixing flows, great if you could have caught that rally but was too late for me in Australia as deep into NY session... https://www.forexlive.com/news/!/us-...-play-20200430 A piece on currency fixing... https://www.forexlive.com/news/!/wha...-work-20100721Ignored
DislikedHere's my take on the GBPUSD, from the technical perspective of a swing trader. The GBPUSD market is generally sideways. On the H4 time frame, price action has retested the 1.23330 horizontal resistance area from which it turned around on April 15, forming two topping patterns in the area, which suggests a weakening of bullish drive. We should watch how the market handles the area in the early part of this week. The next horizontal resistance is around 1.27490 (magenta), which aligns with the 78.6 Fib retracement of the 1.31000/1.14130 downward...Ignored