Cable Update (GBPUSD)

what methodology were you trading?

Shorting the pound/dollar pair. A ↓ sign appeared on the daily chart, but H4 is squeezing in the range.

G/M, rangy week so far with a slight upside bias as attempts on the pot rbs (shown on dly chart below as the prev sw hi zones) meet buy the dip demand. Y/day made a 1st failed upside b/o of last wk's hi, and today a 1st failed upside b/o of y/day's hi. Asian hi and lo are presently the current dly hi and lo.

dly below

Despite green inflation numbers GU still being rejected at these bearish pivot targets. I think price may drop some more. added another short. Unless London session has other plans lol

...1st attempt @ an upside b/o of the 2638 asian hi/current dly hi came to nothing for the bulls, as supply met there.

1hr below

...Mon's 2630 hi probably triggered a few buy stops above last wk's 2630 hi, and these acted as liquidity for sells, and similarly the 2638 current dly hi probably triggered a few buy stops above Tue's hi and the 2635 then current wkly hi, and again these acted as liquidity for sells at that level.

Right now price challenging a pot supp zone around the 50% pf the y/day lo - current dly hi move

USD CAD

Scalping LONG

Not a good idea to trade during corrective moves, unless you are a scalper.

...above the prev 1hr sw hi zone = pot res that extends to 2638 asian hi/current dly/wkly hi, the next such thing is a prev 1hr/minor 4hr sw lo then hi zone that extends from circa 2661-66-73 - the prev sw hi to 2666 being 1st test on the prev sw lo zone that acted as pot sbr. Other potential res factors to the upside are listed below.

potential res factors below

EDIT: corrected typo.

I guess that was the pull back

Selling GU , for that target, than going buy as main trend buy.

EU

Sliding very well compare to Cable, reluctant to move

GOLD

SHORT Scalp.
Try only * maybe got luck

...2nd 1hr attempt to get south of the prev 1hr sw lo zone = prev supp = pot supp that extends down to asian lo/Dly Pivot, and it again met with demand.
Only 25% of 13wk awr traveled so far this week, and the 30day adr metric comes down from 114 @ end of last week, to 109pips today.

Ping pong right now between asian/current dly hi and asian/current dly lo.

1hr below

Having a hard time getting below and/or staying below the 200 EMA on the 5min. It didn't hit my sell TP yet but I didn't like this stall at the EMA so I closed early.

EDIT: Less than 1 minute later, it would have hit my TP

Seems like geopolitical issues are playing a part here. UK news has been good for last 2 days, yet GU is struggling to even attempt 12650 let alone 127 and has tanked a bit just over 126. Maybe NYO will help move the market in the right places

The UK is now in a stagflationary environment. Inflation is rising rapidly (far greater than the 3%) but because of the new Labour governments policies, economic activity has fallen through the floor.

At the beginning of April, the threshold that you start paying National Insurance (UK's Social Security) is being cut, the percentage that companies pay for each employee is increasing, and the Minimum Wage increases. In the UK, National Insurance is paid by both the employee and the employer, the employers contribution is going up but not the employees. What this means is that employers have to pay a higher percentage of a higher wage (for minimum wage employees) from a lower threshold for each employee.

The FT reported earlier this week that approximately 25% of UK businesses will be making redundancies before this happens.

That means rather than it generating tax revenue. It will reduce it and increase government expenditure because those people will now have to go on welfare (which has also increased), which can only be funded by borrowing, which will be borrowed at higher interest rates.

Moral of the story is 3-fold:
1) High taxes does not mean a better economy.
2) Socialists are the dumbest fucking people on the planet .
3) Thatcher was right. "The problem with socialism is eventually you run out of other peoples money".

Hi. And the irony is that Rachael from Accounts called it a 'budget for growth.' They'd had 14yrs to come up with a plan and that was it!
---------------------------------------------------------------------------------------------------------------

...price has reached 61.8% of y/day lo - current dly hi move after the marginal (so far) 1st downside b/o of the asian lo.

1hr below

CABLE

One under water still.
Hope will get some air soon.

closed, 10.5 pips
gonna buy again later

...so was asian hi/current dly hi just a false 1st upside b/o of the current wk's 1hr/2hr range -or- is y/day's lo then the current wkly lo (probable range bottom) under threat? 3 failed upside b/o's of last wk's 2630 hi now.

4hr below