Cable Update (GBPUSD)

So from your chart Leon, what's your reason for going LONG...

Like you.......I coin Toss

Thought as much, you can't explain your chart, just lots of pretty lines, by the way I toss a coin which is a lots different to a coin toss...

tit for tat..... those pretty lines give me alerts and of course then only I coin toss

GBPUSD

Today ends with a daily structure. Ready guys. Going far far away. Weekly dominated bullish. IMO

I bet you do...

there is that potential for next week. What we do have next week is a fair bit of UK data if which ref will solidify Bailey’s comments of an aggressive rate cut.

Nice dollar strength before close ! Def closing for weekend and will see Sunday open and Asian session! still holding UJ buys

GBPUSD - Buy

After US news evening was total standstill! My short at 3075 and 80 needed wait full 7 hours to close for only few pips !
Market likely avoiding close previous daily weekly ones , means may still range or undecided ,! anyway done ok at last. Take care
Low 2 candles looks similar and if so may next week bounce start possible!

Nice analysis Zebi.
I'm personally not sure of the 24xx target, but it looks to be a bear chart.

When she realised she had no chance of winning, she decided to "express herself"

I think she forgot she was representing her country...

Still looks to have a bearish tinge to it

why so...

Why not?

Usdx apparent situation , good tanking possible !

https://www.forexfactory.com/thread/...9#post15026739

So the last two daily candle closes where nothing burgers, which means we need another one. So, you'll all be happy to hear you can all take Monday off, woohoo!

Lets check again Tuesday. Enjoy the long weekend!

Market will push all the way up to 1.32 next week.
Forget all these bear talks. Go and buy GU.
I am still holding my longs to 1.314 for 100 pips.

Makes more sense to BUY GU NOW. I expect Tuesday next week to have some good moves towards a bullish direction

Good luck!

The reason why I view GBPUSD market as bearish.

Fundamental Perspective: The rate cut was not goes too well as its plan. Inflation despite fell lower than previous months but did not match the expectation with 2.4% results vs 2.3 % forecast leading the doubt over another cut from FED this year. Unemployment claims rose aggressively on Thursday 258K result vs 231K expectation that was not what FED want.
One of the main reasons FED cut rate is to increase the jobs number and drive the economy to north. Rate cut but the Labor market drop, so FOMC need think twice before cut another rate that can lead to strengthen dollar.

Technical Perspective: Current trend is down. Market failed to break higher than 1.31 before the week end. M15 was spotted with bearish QM Pattern attacking EQH than made the swing failure to the downside. Shooting Star and Three Inside Drop candlestick pattern formed on H1 chart before the market close. The FVG filled on 14:00 (Platform time) looks like Repricing rather than Rebalancing. Weekly candle also closed as Bearish Candle.

Sentimental Perspective: Current Ratio is still bearish as well since too many people still hold their long orders. According to Richard Wyckoff, before the downtrend starting to reversal, market need to shakeout most buyer out of the marketplace first. Usually the Shakeout is the unnormal huge Bearish Candle with Ultra Large Volume and we didn't see it yet.

So overall, Bearish side is still protected. Unless Thursday high is taking out and hold, shorting looks like more safe than longing.

My idea on the cable is that it seems to still be bearish - Why do I think like this?

1. A slow down of bearish momentum is seen but still there is a tendency to the downside. Volatility does not increase yet and the bullish pressure for the pound is not yet accelerating, even on daily the market trades at potential support levels.
2. The daily highs are still decending continuisly.
3. First signs for bulls to show up would be an impulse needed and kick out some previous daily high
4. Traders Sentiment accelerates to the short side

Summary - Bearish until an impulse shifts sides.