Cable Update (GBPUSD)

Coreg2004, lol I don't see your posts can be the same level at the same time

--- cheers buddy

Mysterio, possible play as of right now...

Mr.Burger, I've said it many times, it doesn't matter if you use HP, EW, or ranges to analyze the structure of the market, we should come up with a similar conclusion. Good work Mr. Burger.

Possible Wiv) with shallow retracement...

why are you so sure ?

who/what do you know?

Bro.

H4 : There are 7 red candles, so the price have to correct again.
Rsi 18 = 25; 26...28 ( Rsi < 30 ) it's going up now.
Bearish : We close all when Rsi can touch 48.5 or 49. ( Rsi < 50 ).

Have the bulls gone drinking ...need a bouce to break even before close.....

Bears also be aware, we are getting close to a possible reversal if daily 1.2750 is rejected.
Previously 1.2880 area played as support.

Have a nice weekend!

Excellent. Congratsssss @Moty.

well done , to the target , but not over yet , much more to go down still . checking the chart for next week .

is this "inclined fibo" ?
very smart representation of FIBO
may be the drawback especially for daily, 6-days week. distort time-axis accuracy.

My Year 2022 forecast is gradually playing out... I'm preparing for massive swing Buy trades from 1.2795, 1.2770, and 1.2720 for medium term target of 1.3775 by July/August then long term target of 1.4150 by November/December 2022. Price trades at 1.2835 as at time of typing.

Cheers,
George.

same view

Nice analysis you have there mate

Friday blew away the rest of the week, which until that point had been mainly consolidatory/rangy on 1hr/4hr, but with decent swings. The trigger to Friday's big down-move (243% of 30day adr,) was the much worse than expected Uk retail sales data, and the 1st 1hr bear thrust b/o candle close after the release saw a break of both the then weekly lo, and the prevailing current yrly lo @ 2972 recorded the week before. An easy selling day therefore with at least two tradable pullbacks on sub 1hr triggers, but not many more if any.

* Friday saw price poke it's nose just below the 50% of the main 1410-4249 up-move (which is @ 2829,) before buyers moved it just back above that level from the 2823 lo.
* Mthly, Wkly, Dly, 4Hr, and 1Hr close the week in general downtrends per 3 candle fractal swing analysis.
* The Mthly candle is currently shaping up to close bearishly but is not closed yet and a lot can happen before it does. Needless to say the Wkly and Dly have just closed, very bearishly. The gmt+2 4Hr candle closed as a doji/pinbar outside of it's 20bol band, indicating that some further p/back may occur, with it's oscillators well into o/s territory. There exists repeating patterns of regular bullish div on 15min, 30min, and Dly @ Friday's 2823 lo.
* Near term potential support may exist in the form of the prev 1hr sw lo zone that extends to Friday's 2823 lo - which is theWkly, and current Mthly and yrly lo. Below there the Wkly broadening falling channel bottom will likely come in circa 2770-75 on next week's wkly candle. Then, the prev dly/wkly/mthly sw lo zone that extends down to 2675 thru which the long-term fib 76.4% of 2252-4249 runs. Price has already entered the mthly part of this @ Friday's 2823 lo. 2756 is @/around where Mthly S2 is.

Like the 1hr and 4hr bearish thrust b/o candles before it, I would be surprised not to see some kind of downside follow thru (for however long) on today's bearish thrust b/o Dly candle, at some point in the near-term future. This said, we live in fractious times and with the prevailing fundie themes of geo-political tensions, (re Ukraine/Russia conflict,) Uk and others' so called 'cost of living crisis,' re surging inflation, and Uk's constant political crises (re Johnson,) anything can happen.

Wkly, Dly, & 4Hr, below.

The technical case for more upside pullback:

a. The 4Hr doji closing outside 20bol band @ o/s levels on it's oscillators.
b. The 50% of the 1410-4249 main multi-year up-move @/around Friday's lo.
c. The regular bullish divergence in 15min, 30min, and Dly oscillators @ Friday's 2823 lo.
d. The beginnings of a potential exp tri on 30min. ie points 1, 2 and 3 are formed. Look for a move above point 2 to form a point 4 - which if the pattern develops should see a downside pullback from it to develop a point 5 @ a retrace or ext of move 3-4, for more upside.

Anything can happen, - it's just a potential scenario.

4hr below

Monday will try and catch one more short for a stop hunt then try and get long to fill imbalances from the drop

Let's see a chart if you can