Cable Update (GBPUSD)

... from 5min - mthly only dly 20/50/100 ema's are crossed up....wkly are intertwined and mthly remain crossed down like 5min - 4hr. Re PA trends, 1hr and 4hr are in general pa downtrends, whilst dly remains in a general pa uptrend but damaged by the L (not fractal print yet) below the last 3 x HL's of that uptrend. Weekly is still in a general pa uptrend - undamaged (as yet.) If anything mthly remains in a general pa downtrend - ranging.

Sure : Dealers short amount contract / Open interest
Nothing more simple

No volume on this current bounce off the low
Don't expect a sustainable rally yet, keep shorting rises

last 6 - 8 hrs usd been taking some hits, ironic that cable is flirting with support, geppy also support @ 135 550 1hr 4 hr daily weekly not monthly, it is definitely bums on hands with this ping pong pa

1.2598 if valid short and break and closing 1.27168

avoid shorting cable today

elliott wave lesson for everyone on 1 minute chart

we have 5 wave down and so far 3 waves up ( thats bearish and means we will go down more )

BUT

if we make now 1 high to my number 5 on green then this is it guys i will be the first to call GBPUSD bottom for today and enjoy the ride up for at least 100 pips

we can notice the last hour candle was reversal which give us indication that market want to do my green number 5

lets see the power of elliott waves

This is loading for another 80 pips down

...we had bullish hammer closes on 5min - 1hr off the current dly lo....price struggling atm at the 2nd upside obstacle on 1hr the prev sw lo = prev supp = pot sbr. 1hr below. 80.5% of 30 day adr covered so far today hi-lo.

you are often on point but today shorting has been very profitable and the brexit sentiment is extremely ugly for pound.
The up moves are weak.

selling is a low risk high probability trade now.

just my opinion

1. GBP/USD drops to multi-week lows amid growing fears of a no-deal Brexit.
2. Better-than-expected UK manufacturing data failed to impress the GBP bulls.

The GBP/USD pair failed to capitalize on its early uptick, instead met with some fresh supply near the 1.2865 region and drooped to fresh seven-week lows during the early European session on Friday. The intraday positive move was supported by a weaker US dollar, which was being weighed down by the emergence of some fresh buying around the shared currency and the deadlocked over the new US fiscal stimulus measures. It is worth recalling that the US Senate on Thursday rejected a Republican bill that would have provided around $300 billion in new coronavirus aid. Democrats voted to block the legislation on the grounds that the package was too small to tackle the scale of the downturn amid the coronavirus pandemic.
However, growing fears of a hard Brexit continued undermining the British pound and kept a lid on any meaningful recovery. Britain unveiled draft legislation, which acknowledged that some powers conferred by the legislation might be inconsistent with international law. The European Union took a firm stance and threatened to pursue legal action against the UK over breach of the Brexit Withdrawal Agreement (BWA) if it doesn’t drop the so-called Internal Market Bill. In addition, the EU signalled that breaking the BWA will lead to a no-deal Brexit. The UK insisted that it was still committed to the agreement but needed to clarify certain points and the main focus is on preserving the 1998 Good Friday Agreement.

Given that investors are preoccupied with the developments surrounding the Brexit saga, Thursday's better-than-expected UK manufacturing data failed to impress the GBP bulls or provide any meaningful impetus to the major. In fact, the UK Industrial Production increased by 5.2% MoM in July and Manufacturing Production rose 6.3% MoM. Separately, the monthly UK GDP report showed that the economy recorded a growth of 6.6% in July, reaffirming a continued rebound amid the further reopening of the economy. Market participants now look forward to the release of the US Consumer Inflation figures, which might influence the USD price dynamics and produce some trading opportunities on the last day of the week.

Short-term technical outlook
From a technical perspective, the pair's inability to find any support after major sell-off suggests that the recent bearish pressure might still be far from being over. However, bearish traders are likely to wait for some follow-through selling below the very important 200-day SMA, around the 1.2735 region, before positioning for any further depreciating move. The mentioned support coincides with the 61.8% Fibonacci level of the 1.2252-1.3482 strong positive move. A convincing breakthrough might then turn the pair vulnerable to break below the 1.2700 mark and accelerate the fall further towards the 1.2640-20 strong horizontal support.
On the flip side, the 1.2865-70 region (50% Fibo. level) now seems to act as immediate resistance. Any subsequent recovery might still be seen as a selling opportunity and remain capped near the 1.2900 level. That said, some follow-through buying might prompt some short-covering move and lift the pair back towards the key 1.3000 psychological mark – nearing the 38.2% Fibo. level.

many people will get trapped that was why i said avoid selling cable today.

ok just watch the power of elliott waves and let me know later

i made the analysis on 1min chart which is very hard and maybe wrong but i have faith it will be right

...if it does 2737 would be the 30 day adr lo....off the current dly hi.

alright ladies and gentlemen

i am here announcing the bottom of GBPUSD today is 1.2761

enjoy the ride up between 100 to 300 pips

Even when we had a big weekly drop of 950pips in March we still had over 170pips Friday pullback

ha ha..
got my coffee
leave remain order to play
stop BE

Bull ready... As always... Any drop is a buy from 1.27/1.28 level

...we reached the 50% of the 2074-3482 move up at the lo....wkly pic below

its going sideways, 2 test of support daily, yes is rejection but would need another day to confirm which would also be a weekly close, so play ping pong or playstation until either support breaks or daily confirmation of rejection of support