Cable Update (GBPUSD)

GU on free fall! Maybe a bounce from 11980?

s1 is guaranteed target for today

Ok time to lunch cable 🚀😉🍀

Or this

Long target 1.2060
Stop low of the day

Stops at BE

Buy here at 2049. TP 2070. I hope this is the right thing. I am hoping we get into a range before ECB. My overall bias is bearish, however.

Waiting for entry Long on cable D1/4H entry, first target min 2268

no rockets so far. More of a failed launch lol

chart 1 - possible scenarios.... who knows...

Chart 2 - My long term view.

Some buyers showing up, good Im not alone 😉🚀🍀

im with ya mate

We had bullish imbalance just around the close of London session yesterday.

Price has come back to re-test the region.

The candle closed with a long lower wick

What will you advice Traders to do on GBPUSD?

Sell it

🥰 so lets make some money 🚀🍀😉

Ok. ECB today. So, we're looking at Euro.

From time to time, I'll pull out this chart. We'll see if there's Lagarde effect today.

Now, you knew I've been long on this Euro against US dollar for a long time now. Still holding them. They're my long term trades. Enough of that, let's see some key levels. Over the past 6 weeks or so, we're stuck between my 50% Fib and 68% Fib, i.e. 1.05 to 1.075 range. That range is still capped within the two SMAs: 200-week (thick line) and 50-week (thin line).

I can comfortably tell you where I'll go long again. It's most likely, when price dips to 38% Fib, or 1.028. Here's an interesting range between 1.02 to 1.03 level. Last time, when Yellen was in charge, we knew market started pricing in of a rate pause sometime in early 2017. Over the course of 9 months, price shot up from 1.03/1.04 level to 1.18/1.20. That's where I have my other Fib levels, to the left of this chart.

Fast forward to 2023, we knew ECB had said they're going to raise rate by 50 bps today. That's been priced in. We'll see if ECB will say the same later today for their next meeting in May '23. If price rises later on, the Fed FOMC could bring it down. If it falls, it's not too hard to expect the Cable to follow suit. For the time being, I keep my Euro long, and my Cable shorts. No more hedging via EURGBP, but it'll be an interesting case to see, how EURGBP reacts to Lagarde effect.

Imbalances can be filled today tomorrow next month next year, there are so called imbalances from years ago that have never been filled

Strong buy signal now from me but we have data now, lets see

😊