Cable Update (GBPUSD)

the price may go down to 2030/35 for a bounce. If the price breaks 2060

Looking back past few days, the ongoing trend is clearly down, while the current price is still above 2 week pivot which indicates longer term uptrend as long as price above 2 week pivot.

I expect the downtrend end near the 2 week pivot before resuming up, that's assuming 2w pivot is valid and not violated, which so far it hasn't.

Daily pivot towards upper end of range, leaning towards bearish bias.

Likely entry for today: close below lower key level 1.20589, SL 1.20868, Short.

Or, closed above upper key level 1.20999, SL 1.20817, Long.

EDIT: the price action yesterday is actually neither bullish or bearish, it didn't break upwards and lost steam, it didn't fall down a lot too. So the market is kind of indecisive right now, which also means it can go both ways, i will not have a clear bias for my next trade, it depends the price closed above or below key level for Short or Long.

As of me editing this post, the current candle is strong green, it wouldn't surprise me if uptrend will resume today. Do note that the Daily pivot today is near the upper key level, close above upper key level also means broken through the pivot, giving Long trade extra confidence.

Trend continues down after this retracement

Crooky stop hunt

Can anybody tell me why I should buy in this situation? May be I am still learning?

Same, why are so many people placing buy orders rn? genuinely confused

The way 12064 was rejected I think we might have seen the lows of this session.. maybe a trip up towards 12130?

because your drawing is bad

Are you also buying?

still it looks to buy (eur,gbp)
if US index is below R (white line)

G/M, an inverted hammer candle close y/day on the dly, and so far today, Asian session mixed/consolidation as is early London. Dip below that 1hr x 5/minor 4hr prev sw lo zone, and up. (Stop hunt?) Can bulls punch thru that next potential obstacle? 1hr hammer type candle close.

1hr below

Hey hey, it IS going to punch 2093.
Going to add to my position there.

To me, the market is still bearish, ain't go up, M pattern on present 50% fibo level retesting. The market will rush down any moment from now. MPO

this week market is currently in equilibrium
pending short at 1.2150/75

booked my uj longs on day pivot, 135 , it was getting boring

Closed 3 lower buy.
Now 1 buy waiting, i dont mind if its premature close or not

closed all, last close -2 pips

It depends on the t/f? To me, per 3 candle fractal swing analysis, 4hr is still in a 'general' downtrend though recent strength signs there, 1hr mixed at moment. Intraday so far is bullish now, but small range so far.

Daily pivot broken in just two M15 candles, the Long setup looks more likely now, price very close to upper key level of 1.20999, a break and close above it triggers valid long.

...50% of y/day's 2137/38 hi to current dly lo of 2065 is @ 2101. Looks relatively clear up to that.

1hr below