Cable Update (GBPUSD)

Today's
Support & Resistance levels for EURO & CABLE on Meta Trader Templates

CABLE S/R
EURO S/R
EURO CONFULUENCE POWER ZONES

https://www.forexfactory.com/showthr...2#post13049352

Hi Theoak... I am waiting to test again 1.25880 or 1.25900 and whether there will be a purchase or a sale.
I need wait how always.

still holding these looking for 1.25950 target....

I would say stop picking the tops and bottoms. Picking tops and bottoms, requires lot of experience and accuracy. A tight SL, I would use 10 pips max if I were to pick tops and bottoms.

Always look for trend continuation first and think why it shouldn't continue . Once you can find clear reversal on the bigger TF, you can trade in the direction of the trend. As a newbie concentrate on bigger TF and then drill down to smaller TF.

What I do is look at Weekly/Daily TF and mark major support / resistance levels. Mark the supply / demand levels. Now come down to 1hr / 4 hr chart and look for reversals at these levels.

Lets come to GU now, many people were looking for shorts and they were wrong picking the tops. Instead price continued to move higher.

Look at the below examples , trades who entered short at 1.24 , 1.25, 1.2590 levels just got few pips, which was just a retracement. What we can see is, it was just a bull flag. Price continued to move higher. I will continue to hold my longs on GU , until price reverses at major levels.

I may loose few pips , that is fine. I will not get caught in the wrong direction.

I would not change my directional bias until and unless price has hit a major level and I can spot trend change in 1 hr / 4hr.

By trading longer TF , you get peace of mind and you are not stressed. Hope this helps.

2650 is what I want to see first today based on NY close.

From 2650 the drop could be 2580/2560.

Let us see how the PA behaves today.

Looking at daily chart I see 1.2680 / 1.2720 levels as a major confluence of TL and supply zone.

I would exit my longs around these levels based on PA and then look for next setup.

however if the drop happens first to 2550/2580, then 2550/2580 to 2650 today.

IMO

More likely scenario.

ok, let us see what frankfurt does

Bullish flag at M30 GU looks failed, I'm ready for sell setup also EU

This is usual, I have been seeing this for years.... if NY close is like this, it will happen like this.

So, wait for 2650.

1st of July I did state 1.25 and 1.26 levels as selling zones in July and I still stick to it, while I also stated 1.2720 has the selling risk in July. So these moves were already anticipated right from the beginning of the month. The selling target is within 1.2099/1.2199 levels.

would your stop loss be at 1.2720 or undefined for the moment and will be assessed during the day?

I am holding short as well for a swing but the broad weakness of USD is getting concerning.

GBP USD Up......

Detailed analysis for July once more...

July 2011 High 1.6469 - 1.5780 Low = 689 pips Range (Open 1.6051 - 1.5780 Low = 269 pips)
July 2012 High 1.5766 - 1.5392 Low = 374 pips Range (Open 1.5695 - 1.5392 Low = 303 pips)
July 2013 High 1.5434 - 1.4812 Low = 622 pips Range (Open 1.5200 - 1.4812 Low = 388 pips)
July 2014 High 1.7190 - 1.6856 Low = 334 pips Range (Open 1.7104 - 1.6856 Low = 248 pips)
July 2015 High 1.5734 - 1.5329 Low = 405 pips Range (Open 1.5704 - 1.5329 Low = 375 pips)
July 2016 High 1.3480 - 1.2795 Low = 685 pips Range (Open 1.3305 - 1.2795 Low = 510 pips)
July 2017 High 1.3224 - 1.2811 Low = 413 pips Range (Open 1.3011 - 1.2811 Low = 200 pips)
July 2018 High 1.3362 - 1.2957 Low = 405 pips Range (Open 1.3185 - 1.2957 Low = 328 pips)
July 2019 High 1.2705 - 1.2119 Low = 586 pips Range (Open 1.2701 - 1.2119 Low = 582 pips)

July 2020* High 1.2636 - 1.2358 Low = 278 pips Range (Open 1.2399 - 1.2358 Low = 41 pips)

JULYS MAXIMUM RANGE = 689 pips
JULYS AVERAGE RANGE = 511 pips
JULY MINIMUM RANGE = 334 pips

Key Observations :
OPEN Prices to LOW Prices Range

MAXIMUM = 582 pips
AVERAGE = 365 pips
MINIMUM = 200 pips

JULY 2020 so far has 278 pips range, which means at least 100 - 230 more pips more to break either the current high/low

400 pips range or more happened 7 out of the last 9 years, which means most probable range for this July 2020 is 400+ pips range

Price has fallen below the opening price by 200 pips or more in the last 9 years July, while this July 2020 it has only fallen below the opening price by 41 pips so far.

The most common pips range movement above the opening price is 230 pips (see July 2013, 2018, 2017)

This July 2020 The price has moved above opening price by 237 pips (Open 1.2399 - 1.2636 High) so far, which has equalled 2013, 2018 and 2017.

The Maximum price movement above monthly open in JULYS is 418 pips which happened in July 2011 (Open 1.6051 - 1.6469 High). This 418 pips movement above the JULYS open happened just once in 9 years so far.

VERDICT
Selling from 1.25/1.26 level is appropriate with a target of at least 1.2200 due to the reasons stated below

* JULY 2020 Range still has at least 180 - 220 more pips to break either the current high (1.2636) or current low (1.2358)
* The lower part of the Range is more vulnerable since 9 out of the last 9 years July have made at least 200 pips movement below the opening price which points to at least 1.2200 target
* The price has already moved above the opening price by 230 pips, which means 75% of the selling risk from 1.25/1.26 level is already off

NOTE
1.2720 is the medium term risk, while 1.2817 (Open 1.2399 + 418 maximum open to high of JULYS = 1.2817) is the maximum/unlikely risk for July 2020.

Be reasonable with your lot size and be patient.

I hope this is useful.

Georginson.

Long in 1.2633 target 40 pips

Better wait for retrace first.