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Cable Update (GBPUSD)

  • #545,281
  • Aug 30, 2020 12:59pm Aug 30, 2020 12:59pm
Quoting MoneyZilla
{quote} CSKA, Ole!️️️
Yes! I see a man of style! ️
Patience and Discipline.
  • #545,282
  • Aug 30, 2020 1:42pm Aug 30, 2020 1:42pm
Quoting JungleLionFx
please correct me if I read this wrongly, but do feel GBPUSD has the potential to continue rising this coming week unless we see some factor which could strengthen usd i will try to create my own journal once I have discovered a good strategy
Most likely
Le$$ I$ More
  • #545,283
  • Aug 30, 2020 3:03pm Aug 30, 2020 3:03pm
Hello guys,

Please can you share your views on the non-farm employment change news that will be released on Friday.

How will it affect the GBPUSD pair?

What are its potential effects on the GBPUSD pair?

Thanks a lot.
  • #545,284
  • Edited 3:19pm Aug 30, 2020 3:08pm | Edited 3:19pm
Good Day Everyone, My view on Cable

Long Term View (D1 and H4 Charts)

From my analysis, it seems like Cable is in a Wave 4 correction(Red) and the B Wave(Blue) of the correction is almost complete. Price is also approaching Monthly Resistance 1 which may course a challenge for the bull run to continue. I have also projected some fib levels which have all landed in the 1.3351/3400 zone which may also act as Resistance. So by the looks of things Bulls may temporarily loose control from around 1.3375/3400 area and Bears may push price back to 1,2870 area, Wave C(Blue) of 4 (Red) before Bulls can push price any higher. We will see what happens when price reaches Monthly Resistance.

Short Term View (H1 and M15 Chart)

Seems like price may retrace to 1.3315/3325 area before pushing higher past Weekly Resistance 2 to Monthly Resistance 1 to complete Wave B(Blue)

For now I am on the sideline and patiently waiting for price to reach Monthly Resistance 1 before making any decisions. I may be wrong and anything can happen in the market.

Safe Trading Everyone
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  • #545,285
  • Aug 30, 2020 3:34pm Aug 30, 2020 3:34pm
Quoting HaLBot
{quote} This is all about US dollar weakness, this is why Abe resigned, not about physical health issues he just can't cope with dollar weakness LOL. So as long as it continues there will be no meaningful retrace, 100-150 at most. UK holiday Monday so wondering how that'll pan out? Will prop traders continue to push this forward to 135 or take a breather plus end of month flows.
It's all about LOGIC.

Monday Tokyo session can't have that decision of spiking GU more than Friday high, so consolidation with downside favor will occur till London session that is considered out of game as Summer bank holiday in UK.
Then NewYork session will arrive and might have a say..still not seeing it deciding any upward continuation and of course few trading hours into it can't make any difference.
So August ending at high price anyways that favors retrace down in September.
Let's see how the close will be to have better picture for next month.
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #545,286
  • Aug 30, 2020 3:44pm Aug 30, 2020 3:44pm
Quoting Stefan90csk
1.34? I will not be looking to close below 1.35! {image} {image}
If this is not a demo account, you better know that good exit timing is more important than entry.
And Greediness for a !maybe! 100pip more profit is not worth the risk of loosing pips, you can earn way more by switching direction
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #545,287
  • Aug 30, 2020 3:58pm Aug 30, 2020 3:58pm
Here's my take on the GBPUSD, as a swing trader. Technically, price action on the daily time frame favours bulls. It has moved further northward of an outer rising trendline (red) traceable to March 2020 to respect an inner rising trendline (blue) traceable to June 2020. This, technically, indicates an increase in bullish momentum. The immediate significant resistance is around the 1.35100 area (magenta) while the 1.30000 area is the horizontal support.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
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Do your homework, follow the footprints of smart money
  • #545,288
  • Aug 30, 2020 4:13pm Aug 30, 2020 4:13pm
Timing continues.. 1.33361 is a bounce area for bulls.. If that level is respected whether Asia or London, Bears will get nothing till 1.37 - 1.38 area

Fresh week, wishing everyone a productive one..
StaySafe
  • #545,289
  • Aug 30, 2020 4:15pm Aug 30, 2020 4:15pm
GU will be below 3300 within a couple hours, worst case during London...easiest trade in a long time.
Everyone can see the chart, but only a few can actually read it.
  • #545,290
  • Aug 30, 2020 5:22pm Aug 30, 2020 5:22pm
Quoting OnlineAddict
GU will be below 3300 within a couple hours, worst case during London...easiest trade in a long time.
Hello amigo, hope you and others will have easy and tasty trading week.
Im with this one for first trade for the week.
Happy hunting
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Consistency will bring everything...Be good.
100% Is The Target v.1 All Time Return: -95.4%
  • #545,291
  • Aug 30, 2020 5:25pm Aug 30, 2020 5:25pm
Quoting Olabanji-Tex
Hello guys, Please can you share your views on the non-farm employment change news that will be released on Friday. How will it affect the GBPUSD pair? What are its potential effects on the GBPUSD pair? Thanks a lot.
NFP estimates not that great...+ Jerome Powell being dovish last week
The UK are talking about increasing corp taxes...not great for the UK economy
Although Sunday open - not bothered
UK markets shut on Monday...
Look ahead, Macro=Direction, Levels & Structure = Entry
  • #545,292
  • Aug 30, 2020 6:48pm Aug 30, 2020 6:48pm
Lets short.. my target is dynamic
Attached Image (click to enlarge)
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  • #545,293
  • Aug 30, 2020 6:55pm Aug 30, 2020 6:55pm
play with 4 hour chart for this week, i will let you know " what the hell going on DX"
  • #545,294
  • Aug 30, 2020 7:35pm Aug 30, 2020 7:35pm
A close below 1.3348 is a sell for the cable.

Target 1.3193 and then 1.3100

All the best everyone!
  • #545,295
  • Edited 8:31pm Aug 30, 2020 8:15pm | Edited 8:31pm
i hope so pip ( DX not a sign ) just hang outside...
  • #545,296
  • Aug 30, 2020 9:38pm Aug 30, 2020 9:38pm
good morning! First day of the week, last day of the month, woohoo! Any one awake and currently trading this pair? Im not sure my self at the moment so will wait for london to see what the swings do. I would love to hear other peoples thoughs.
Emotional Control. Process, not outcome.
  • #545,297
  • Aug 30, 2020 10:07pm Aug 30, 2020 10:07pm
Quoting JayBag
Timing continues.. 1.33361 is a bounce area for bulls.. If that level is respected whether Asia or London, Bears will get nothing till 1.37 - 1.38 area Fresh week, wishing everyone a productive one.. StaySafe
Timing! Bears will learn

StaySafe
  • #545,298
  • Aug 30, 2020 10:15pm Aug 30, 2020 10:15pm
Quoting JayBag
{quote} Timing! Bears will learn StaySafe
no matter how high it goes today one thing is certain and that is cable is finishing below the open price today
  • #545,299
  • Aug 30, 2020 10:17pm Aug 30, 2020 10:17pm
I know GBPUSD is overbought, but you're not seeing a reversal or a chance of pullback. EURCAD sell or even gbpcad is a better option. I think GBPUSD can bust in the upward.
Let the market decide
  • #545,300
  • Aug 30, 2020 10:20pm Aug 30, 2020 10:20pm
Quoting epzero
{quote} no matter how high it goes today one thing is certain and that is cable is finishing below the open price today
Alright bro
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