Cable Update (GBPUSD)

guys, thoughts on possible head and shoulders @M5??

As expected the bulls had the final say

GBPUSD is so sloppy, slow and boring.

Lol

it ain't over til its over

I'm seeing bearish clues due to the following reasons

✓Rate was raised last Thursday by .50 basis point yet the price couldn't break 1.2345
✓ Since 14th of July low of 1.1760 the highest retracement in 4 hours candle was 190 pips, until Friday that the retracement became 290 pips (1.2293 - 1.2003). This huge fall off the high is bullish invalidation to me.
✓1.2060 temporary support got broken on Friday, followed up with minimal 90 pips retracement until Monday before adding further 30 pips to such recovery to 1.2123.

This week expected range is 250 - 300 pips and so far we have just 80 pips, which means additional 170 to 200 pips to break either 1.2047 or 1.2123. failure to break 1.2169 last Friday high means daily is now having lower highs and lowers lows since the start of last week and such implication is the completion of the expected weekly range to attack 1.1890 axis.

Only a break and close above 1.2169 will change my bias from bearish to bullish.

I will be laddering sell positions from 1.2100 to 1.2150 and my stop will be 1.2218.

Just my view with no obligation to follow.

1 hr chart. Waiting for 78.6% fib ret. Of the bearish engulfing bar which sits at 1.2107 to go short again! And this time I should get at least 100 pips. I already banked earlier shorts because I expected this bounce for NY session.

Break even time mf

Nice, patience grow gold

updated : closed all longs and waiting momentum for shorts.

Well I’ve taken profit and I’m done for the day

Nice

higher low...GBPUSD strong for now

closed at 12103 Then took out a new short

Get another short, if SL, find entry at higher poin, if ther is no another high, then this day closed

It doesn't look like any rally above 1.212 will be sustained in the near-term.

Two bad trades in a row out for the day... Good luck All...