Cable Update (GBPUSD)

Are you another Mahee??. Love what you did on Dxy

...just checking charts before starting up the zzzzz machine...no exp tri's 15min-1hr as price tested deep into that prev dly/wkly/mthly prev sw lo zone to 2675. 2697 is the likely gmt+3 dly candle lo.... Beginnings of a 'rounded bottom' (ooooh matron) on 15min-1hr as the pullback occurs to a current pullback hi of 2745 breaking the top of the 1hr falling wedge, off that likely dly lo. Points 1,2 & 3 of a possible bullish exp tri on 30min/1hr have formed (pt 3 @ that 2697) and so if this classic reversal pattern does develop it will be a point 4 somewhere above pt.2 @ an ext of move 2-3, - a pullback from it to form a pt.5 at a retrace or ext of move 3-4, for an upside target of an ext of move 4-5. Let's see what happens, and as ever price should be our guide.

As there has been for a lot of the leg down today, there is again reg bullish div on 15min-1hr @ the likely dly lo of 2697 and 4hr extreme o/s reads there.

Of course we could just see some straight downside follow thru tomorrow instead!? Just like today really. How much then for our pretty patterns,? lol!

Hope everyone did ok today.

1hr below.

i see break even in the making

The BoE is forecast to raise the bank rate by 25bps to 1.00% on May 5th - According to 33 of 44 economists polled.

Sell aktifated

Price likely to fall to 2700 /10 before reversal in London.

GDPUSD has fallen to support level 2 today (Fibonacci 161.8%)
In my personal opinion, I think the price may enter into a sideways situation in the middle of this week.
and will start moving again after the "Advance GDP q/q" number announcement on Thursday.

1. Resistance 2: 1.33022
2. Resistance 1: 1.31543
3. Support 1: 1.29686
4. Support 2: 1.27222 (Fibonacci 161.8%)

UK "Public Sector Net Borrowing" announcement later is likely to be good for GBP.

Public sector net borrowing is likely to go down due to previous increased tax collection.

im awaiting last push to test more 1.27000 level to take bull side all way up

1.27675 is the best spot for sell , till 1.27000 again or even lower

Could keep the smooth climb to the TL..

i believe we will see bottom once again before it

I follow the money, without faith.
If bottom it is, bottom will not hold.
market structure not support your scenario but will see.
right now 1.2865 is calling, 1.274 Should provide support, max limit support 1.2725

TO ME, The fall in frankfurt fall will provide buy opportunity today

Define fall
1.5 hour for Frankfurt, lets see what will be the price than.
im not planning the what will be till it will.

but as long as price above 1.2725 its a buy for me.

I see daily support has formed around 2700.

I want to see a dip to see 60 min support to go long.

Usually frankfurt action does this for London to move the price.

seek a good opportunity each up or down , ride the wave its a good profit >.<

To be precise, 2730 to 2720 should not break. If does, then yesterday low is likely to be tested.

Below yesterday low..... all the way to daily s1.

Having said, bullish correction is very much possible today.

Let us see.