Cable Update (GBPUSD)

I caught Gold swing low yesterday, along with some gold entries higher up. Just closed now. Also closed all the trades I entered on Monday. Some of the swaps got me real good, but that's part of the game. The dollar for me remains in a difficult spot, it failed to take control of the CHF medium and long tem, and that spells trouble for DXY. With EU and GU one could literally pick a buy spot and hold, and make money.

I don't like what I'm seeing on US10Y's and 30's right now, yields are running higher, and the dollar heading the other direction. Would be interresting to see if that flow continues into NFP.

this a very conniving situation, but underground effect are playing their cards their way confusing the retailers

Mixed to good news. Possibly that they priced in tariffs outcome. Jobs numbers are good. It is almost summer, US market should be bullish so is the dollar.
S&p500 dropped down about 21% of correction. Market did not enter the bear market and than recovered bullish 17%.

No need to be confused. GU will go up and up. I don't see 3250 being broken with sustained closes below. Just buy and go to sleep.

No daily hammer yesterday; however, the monthly is VERY bullish, weekly=consolidate, unclear

I had this NFP as a miss, but maybe people are rushing to beat the cut-offs, which caused the activity.

GU a bit too slow today, trying a quick long on GJ to close above 19230 daily pivot zone

GJ took profit. Now scalping a short on GU to maybe touch the days low zine

all out at the bottom band
yes

nice payday
a lot of action today

Just took a look and monthly pivot is 3162. This means price will most likely hit that number before going back up. One thing is for certain we are nowhere near the top.

W/e summary/analysis

* The > 6mth amr (155%) Mthly candle closed this week just finished, bullishly. The t/f could be in a general uptrend but on a wider time horizon on the same t/f it could be said to back in the 1980-4376 range after 4 x failed downside b/o's of it, (to 1958, 1420, 0327, and 1802,?) Whatever the case it is probably a 3 white soldiers formation with the close of April's candle, that started with February's bullish engulfing candle on the t/f.
* The < 13wk awr (80%) Wkly candle closed as a bearish pinbar after the wk's sell of from it's/the current yrly hi of 3444. The t/f could be said to be bullish up from the 2100 current yrly lo, but again, like the mthly, on a wider time horizon on the same t/f it could be said that 3444 hi was a 2nd false upside b/o of the 3042-2038 range. Whatever the case 3444 or higher will be a HH on the t/f after 3 x HL's (2249, 3559, & 2709,) and the 1st H @ 3015.
* Fri's < 30day adr (62%) Dly candle closed as an inverted pinbar, and set the 3258 wkly lo. The t/f closes the week in a general uptrend that has pulled back to the downside from it's current hi (the wkly/current yrly hi) @ 3444.
* The 4Hr t/f on a wide enough horizon could be said to still be in the 3424-3233 range on the t/f after a 1st false upside b/o of it to the wk's 3444 hi. This said it has been bearish off that hi, and could be said to be @ the start of a downtrend, closing near the bottom of that range. It's last candle close was bearish.
* 1Hr closes the week in a general downtrend.

* The wk's lo came @ the 76.4% of the 3202-3444 move, and near the bottom of the 4hr range mentioned above. Price closed the week below it's Wkly Pivot but opened above the new Mthly Pivot (which is @/around 3161,) during the week, and closed the week out still above it.
* 7 times the wide 4hr part of the prev 1hr/4hr/dly sw lo zone = prev supp = pot supp that extends down to 3222 has been tested as supp from above it and met buyers each time sufficient for price to leave the zone again to the upside. It is being tested again @ the wkly lo for the 8th time now, and the dly part of the it starts @ circa 3246. How much demand is left in it now?
* Speaking of wide potential supp/res/sbr/rbs zones, the dly part of the prev 1hr/4hr/dly sw hi zone = pot rbs that starts below current price -@ 3208 ,is very wide and extends down to circa 3105. The pot rbs zone has already acted as supp near the top of it, @ the 3202 swing lo. On 4hr it extends down to the 3161 - the Mthly Pivot/38.2% of the 2709-3444 move.

I hope everyone had a good trading week.

Mthly, Wkly, Dly, 4Hr, -and- 10/20/40 ema crosses below.

watching pa for next week , early confirmation 3232 and limit 3206 are important signals for next leg down towards 3009 next support , anyway 3576 and 3752 remain open to play further tops though and possible and now 3429 previous top is enough to have strong resistance too. may go for leg down first before bounce try if all ok! in lower tf price on support still 3450 and may even bounce towards 3450 before breaks down 3250 and hold . so now bounce or breaks and hold below 3250 should to watch most! even 3232 and 06 breaks do not exclude this bounce as ext 4 down to up before 3000 beaks hold correction leg if not secure fully !
take care

eurusd similar , better bounce done . yearly full range plotted already 100% cover and may more bull possible too. again correction more also before further bull as well . so some chances further bull at some lows as well like gbpusd! take care

With 25 bps interest rate cut from BoE on May 08, and looking at technicals and RSI, there is two signals already there that GBPUSD will fall. I opened one position with high lot, and will sell more positions with high lots as it falls.