Cable Update (GBPUSD)

Quoting Wavegarrick

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{quote} Hi Guys, The pound strength has been very prevalent against the Euro for many months since Dec last year. Eurgbp has had a nice ride to the downside. It must also be noted that Eurusd was the first to turn lower from its high on the 7th of January this year, Gbpusd followed suit on the 24th of Feb this year. I am just thinking that Pound's weakness may accelerate with the euro and dollar consolidating. It's all cyclic in my opinion. So we could see further Gu weakness. Cheers

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Quoting Headland

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There is bullish hidden divergence present on the daily t/f and this will probably be valid should more downside occur so long as price stays above 3566. No touch of the lower 20bol yet.Dly Below. {image}

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Quoting Amin1422

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A Head and Shoulders pattern than can be seen on the 4hr and daily {image}

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Quoting KeenPips

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You may want to note that although GBPUSD price action on the daily time frame is bearish, it is presently at a minor horizontal support located in the 1.38390 area. A bearish breakdown of the area would see bears attack the next horizontal support around 1.36200 (sandybrown). I may be wrong. Trade safe and prosper. KP {image}

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Quoting owoaheneq

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Long position @ 1.3865 r:r 1:2 , good luck {image}

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Quoting phd893

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H4 {image}

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Quoting mysterio

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Expecting some bullish movement to 1h supply up at 1.3875-91ish before another decent push down early next week. Although if DXY goes where I think there's a chance it could push up to 1.39-1.3950 DXY down to 91.60ish then 92.82ish. From there we are in weekly supply 92.235-93.208 so we'll need to see if we can take this out or if its going to be the top. Breaking that would be a strong bullish sign and the next weekly supply isn't until 96.810-97.802. Lets see, it wont be a smooth ride if it does go up there as there are plenty of daily supplies...

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