Cable Update (GBPUSD)

Under other circumstances, I'd be looking at these wicks on cable daily and the ma crossover on EURGBP monthly with price hitting then being rejected at the red 200sma and thinking yup, cable is a buy. But patterns can fail. The craft is knowing when price is going to follow the pattern, and when it likely isn't, and fold back into itself instead. There is too much hype about the prospects for USD atm (treasury yields, bond markets etc) for my liking (bearing in mind I prefer to position trade, scalpers may have a different view), so waiting it is. Use stops if you're already in and lock in profit. Capital protection is the name of the game.

Current week range 206 pips (1.2305 - 1.2099) versus expected week range 250 pips...
Simulations
✓1.2099 + 250 = 1.2349
✓1.2305 - 250 = 1.2055

Current month range is 475 pips of expected 450 - 650 pips.

Why is price dancing in between the high and low of current Range since Monday? Simple answer is the current first 11 days range of this January is the second maximum range of first 12 days range of past 15 years January (544 pips).

This explains why after big moves, ranging period will follow which will suit scalpers.

G/M, another bullish-bodied dly candle y/day. Y/day's lo and hi resulted from Cpi reactions in Uk and then the U.s. Y/day's hi met sellers in the dly/wkly/mthly part of the prev 4hr/dly/wkly/mthly sw lo zone = prev res = prev sbr = pot sbr that starts @ last year's 2300 lo, also in the 4hr part of a prev 1hr/4hr sw hi zone = prev res = pot res.

Uk data earlier again undershoots the forecasts.

1hr below

A lower price dip is possible on GBPUSD. We remain in a buy zone should it happen.

squeezy mf !!!!!!!!!!!!!!!

Long 1.2198

...Y/day's hi may be considerered a 1st false upside b/o of the recent 1hr range? If it is a bear flag on 4hr then there's a few pot supp zones to get thru down to 2100 current wkly/mthly/yrly lo, on this t/f.

2179-77 is 1st fib cluster to downside (3.) Dly S1 is @/around 2164, both in the pot supp zone shown on chart below.

4hr below

Sl is in place
1.21900

...tues's hi-lo could be considered the recent 1hr range I referred to in post above, and y/day's hi (current wkly hi,) the 1st failed upside b/o of it? Another and the 2nd upside b/o attempt was met with sellers @ the Asian hi/current dly hi. Wkly chart below shows price trapped in between the pot supp zone that extends down to 2069, then 2038, and the pot sbr zone that begins @ 2300, (last yr's lo,) on that t/f.

Intraday is bearish so far.

1hr then wkly below

Lat's go mister goldi
It can go to 2729
adr high is at 2715

closed BE

Mf !!!!!!
This is why i hate sl
Stopped out and entered again

if someone wants to enter fresh

right now already break down
sell @ 1.22000 stop loss 1.22300

if stop loss hit buy @ same price

...price remains below Dly/Wkly/Mthly/Yrly pivots and 4hr, dly, and wkly t/f's remain in downtrends. 1hr is rangy - currently bearish within that range. Price @ current dly lo has challenged the top of the prev 1hr/4hr sw lo zone = pot supp that descends down to y/day's lo, confluence with 4hr asc t/line & 76.4% fib.

EDIT: corrected typo

1hr below

The 15-minute chart of the GBP/USD shows a weak downward movement in both Tokyo and London, but it has been rejected by the Weekly Low and CHoCH and has bounced back a little. There is also a divergence, but there are also strong pullback signs (yellow and pink circles), so the upward trend is quite difficult.

...pretty much a real lower t/f scalper's market so far today, although those that sold on the 1st bearish 15min/30min/1hr candle @ the asian hi/current dly hi might have done so on the 15min/30min/1hr H&S - right shoulder there? Better pattern on the 30min and 1hr?

30min below

..a 1hr fractal swing lo has formed now @ current dly lo, but with bulls struggling to get north of asian lo presently, they are not making a convincing argument why others should join their effort off that now prev 1hr sw lo zone, so far @ least.

1hr below