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Cable Update (GBPUSD)

  • #615,081
  • Aug 8, 2021 11:02am Aug 8, 2021 11:02am
Hello Guys, Last week's range of 96 pips (1.3956 - 1.3860) is the lowest weekly range in the last 72 weeks (first week of January 2020).

The candle structure and closure of last week has given a subtle bearish outlook to 1.3770 area this coming week.

Not forgetting my monthly bearish bias of 1.3516 as far as 1.4010 remains unbroken this August.

Trade what you see, do not be too fast to react and do not be too slow to respond.

Cheers,
George.
Data + Stat + Risk/Emotions Management
  • #615,082
  • Aug 8, 2021 11:47am Aug 8, 2021 11:47am
Quoting mysterio
{quote} I have the same zone down just above 1.38.. I expect this to be tested after some retrace then looking to go long down there The selling seems reluctant, for the amount the Dollar rallied on Friday it didn't cause much of a sell off on GU comparatively, we're back in weekly supply on DXY which I think will continue to hold after pushing a little higher. So still seeing this as a correction before continuing bullish. I'd like to see 1.40 in the next week or two Also, I'm not really into head and shoulders patterns but you could say the H4...
Accidentally disliked your post by scrolling on tablet so liked it second time
Great and detailed analysis

Btw, every time when I tried to foresee H&S it fails, tricky pattern. Must be not my specialty
Air force
  • #615,083
  • Aug 8, 2021 11:56am Aug 8, 2021 11:56am
Gbpusd is caught in a range at the moment, 1.38900-1.38550. Which ever way it breaks determines direction, however price momentum seems downwards.
  • #615,084
  • Aug 8, 2021 11:57am Aug 8, 2021 11:57am
Quoting W0lfram
{quote} Accidentally disliked your post by scrolling on tablet so liked it second time Great and detailed analysis Btw, every time when I tried to foresee H&S it fails, tricky pattern. Must be not my specialty
Hah I didn't notice. Nice work on the order flow--gonna start looking at this next week

Yeah it is a BS pattern lets be honest, it is untradeable. I used to notice them on the Euro and the best I can say is that it can usually be a forerunner to a big move but I wouldn't rely on trying to pick a good entry and exit on it.
  • #615,085
  • Edited 1:57pm Aug 8, 2021 1:39pm | Edited 1:57pm
still i have missed to mark a few more points where could be potential entries

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"Exchange of hands"
  • #615,086
  • Aug 8, 2021 2:34pm Aug 8, 2021 2:34pm
Quoting bilal1947
still i have missed to mark a few more points where could be potential entries {image}
You are bullish from the mid 1.38s, Bilal ?
  • #615,087
  • Aug 8, 2021 2:42pm Aug 8, 2021 2:42pm
Quoting mysterio
{quote} You are bullish from the mid 1.38s, Bilal ?
Yes, lets see how far it can retrace perhaps till 1.39
"Exchange of hands"
  • #615,088
  • Aug 8, 2021 2:48pm Aug 8, 2021 2:48pm
Opening gap seems a bit high. Maybe I closed my long in haste grrrrr
Insane in the Brain..
  • #615,089
  • Aug 8, 2021 2:55pm Aug 8, 2021 2:55pm
#GBPUSD / H4
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  • #615,090
  • Edited 3:26pm Aug 8, 2021 3:08pm | Edited 3:26pm
Daily chart build bullish pennant.

EMA 200 all over the place.
Chart is
M down
W above
D above
4h on EMA
1h down
  • #615,091
  • Aug 8, 2021 3:18pm Aug 8, 2021 3:18pm
Quoting hoda
{image}
Hoda, are you in a dark place?
  • #615,092
  • Aug 8, 2021 3:42pm Aug 8, 2021 3:42pm
Risky long to 13910 then shorting all the way to below 138
Insane in the Brain..
  • #615,093
  • Aug 8, 2021 3:47pm Aug 8, 2021 3:47pm
A maybe for Monday.
Retrace close to 1.3900 and fall to around 1.3850.
We'll see.
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  • #615,094
  • Aug 8, 2021 3:56pm Aug 8, 2021 3:56pm
Technically, the GBPUSD market operation is still under a bearish pressure. On the daily timeframe, the 1.42400 area (purple) has held as a major horizontal resistance since the bullish swing from the 1.35600 area (navy) on February 4. On July 20, price action retested the 1.35600 area (navy) and rejected it with a bullish drive. Meanwhile, price action is sideways after making a 61.8 Fib retracement of the 1.41320/1.35700 bearish swing. Technically, the market is under bearish pressure, and we will likely see a southward continuation.

I may be wrong. Trade safe and prosper. So, please trade based on your own trading rules and analysis.

KP

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Do your homework, follow the footprints of smart money
  • #615,095
  • Aug 8, 2021 4:00pm Aug 8, 2021 4:00pm
Quoting bureuk
GBPUSD 4H {image}
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  • #615,096
  • Aug 8, 2021 4:07pm Aug 8, 2021 4:07pm
My Bullish bias still strong
  • #615,097
  • Aug 8, 2021 4:13pm Aug 8, 2021 4:13pm
Quoting KiwiTrada
{quote} both pierced time to fly :-)
and fly they did!!! who would have thunk that :-)
If you are new to Forex? Say Goodbye to your account!!
  • #615,098
  • Aug 8, 2021 4:29pm Aug 8, 2021 4:29pm
Quoting Wavegarrick
{quote} Hi Guys, It has been a week of very mixed signals for me, I am in a bigger cyclic uptrend but am showing a retrace short term. What grabbed my attention today was the 61.8% fib retrace at 1.39413 and my mid-round number at 1.39500 for a short-term trade. On the positive side, my ascending trendline from the 20th of July has been broken and we could possibly see a correction down to my monthly pivot at 1.38917 or 50% fib retrace at 1.37775, not cast in stone. I expect my signals to line up at some point and will update accordingly. Trade...
Hi Guys,
All recent shorts closed. I am setting up for a cyclic upmove. I could be jumping the gun here but I take it for what it is in the here and now with stops in place, I have good cyclic bullish hints at the moment from a daily and weekly perspective, however, I don't discard a move to my monthly pivot at 1.38197 or 1.38000 for an overshoot.
Have a great week,
cheers.
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Trade to trade another day
  • #615,099
  • Aug 8, 2021 5:36pm Aug 8, 2021 5:36pm
Gold is messing with peeps including me
  • #615,100
  • Aug 8, 2021 5:51pm Aug 8, 2021 5:51pm
CABLE ANALYSIS FOR TODAY
Price are suppose to move between 1.38612 Support level and 1.39328 Resistance level... 72 PIPS normal regulation movement
but if it break the LOWS 1.38612 or HIGHS 1.39328 expect a continuation in that direction...

If the BEARS are patient enough, Prices will go back to 1.3920,, Trick some sellers into the market and then stop them out and after that, trick some buyers into the market and also stop them out... before Finally going DOWN!
But I don't think the BEARS have such patient because price have crossed the 1.38800... They prefer to break the low and continue going down immediately; if that happens in this Tokyo session then we are going to see big drop....

We don't like THEORY; that's why we have the RANGE BOX to make our decisions more easier...

The range is between... S-1.38615 and R-1.38827
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