sorry just a beginner here..but does it mean it will go down?
Ignored
Hi ert,
I think it's not that simple to see that cable will turn down for now. Cos what I see in the chart, it's a 30 mins chart. U should take a look at the bigger picture to see whether the market wanna makes a reversal. It seems like cable is trading in a range and wait for break out. But who knows it would be an up or down move. But what I can see in TD lines, it's under the supply line
Price has just broken the 1.9750 support line on 15 mins chart, lets see if that is a false break or not. If it does, next resistance line is 1.9700. 1hrs charts is already in oversold area. The overall trend on daily is still up, therefore this will be a good opportunity to go long, if price do not break 1.9700. Again, some news related to GBP is coming out today, I'll stay away until news comes out.
The daily chart remains very bullish with oscillators indicating overbought condition, while on the intra day charts here too a negative divergence is being formed. Hourly Bollinger Bands are very tight and the risk is for the down side, with the significant 2.00 psychological resistance level in the horizon is very high. We recommend taking a break with current pair's long position, but definitely not shorting it.
I dive the market without Fear.
