Cable Update (GBPUSD)

1.3240/50

Bought GBPUSD 1.3263.... target 1.3300

EU is still playing games, so I went long at the same price.

Another great trading week just ended, particularly I would again, (like last week) suggest, for those on the 1hr trigger and below. The Week's 3256 lo, and 3479 Hi were set on Monday, re that Trump announcement, and the downside pullback from what is now 3479 LWH, turned into 1hr ranginess that broke to the downside on Thursday, and price continued down on Friday. However, the now said 3256 LWL remained intact, although Fri's lo (YL,) got within a hair's breadth of it, @ 3259. The week closed @ circa 3268, close to that 3256 LWL. The CML/CYL is @ 3218.

So, as of the week's close, we have the Dly either rangy, (near bottom of it,) or still in a general downtrend, and 4hr probably in a general downtrend now, within a wider overall range too on that t/f. 1hr is also in a general downtrend. The Wkly, and Fri's Dly candle, both closed bearishly, as did the last 4hr candle. Price closed in the prev 1hr/4hr/dly sw lo zone = prev supp = pot supp that extends down to 3256 LWL, so it's now or never (next week,) for the bulls to try for a 3rd consecutive HL on the dly t/f.

With 2 trading days left of the month, price has traveled 69% of the 6mth amr, and opened, and has spent the whole month thus far, below it's Mthly Pivot. The Yrly Pivot is @/around 3120.

Wkly, then Dly, below.

IF the war persists, my trading range for GU this week is a high of 1.3350, and a low of 1.3080.

Hi. Thanks. It was obvious in the week just closed that the markets maybe now pretty much dismissing Trump's 'optimistic' tweets about this war, the case in point being the last one re the 10day pause re blowing up Iran's power plants - this other than the initial spike reaction being reversed and more, particularly in the oil market, (After being 'duped' by last Monday's initial statement.) We can see just from the Dly chart that since the war started, any attempt at risk was quickly reversed, largely by safe haven $ buying.

Technically, last week closed looking bearish overall, albeit with price in, (and near bottom of,) a prev 1hr/4hr/dly sw lo zone = prev supp = pot supp that runs down to 3256 LWL. (My 4hr osc's @ Fri's 3259 lo, were o/s, [on an o/s - v.o/s - extr o/s scale.]) Fundamentally, this Gbpusd instrument, like many others in various asset-classes, are at the mercy of individual events/info releases re this war, in the overall geo-political and even wider global-macro context. It's a case (even more than usual) of remaining vigilant, and responding to what may present itself, (Ie trade what we see,) and not marrying an idea that is not supported by the actual market reaction/PA. As has been said many times, (not least by me,) the market doesn't care what we think, feel, hope, or expect.
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4hr below

This is my scenario for cable in the coming days.

DXY_H4. As the M30 and H1 price action shifts, so does the H4 pivot. 100.00 is now the medium term bias, above the dxy is bullish, below bearish. Low projection is 99.685, high is 101.350. The only TF for this instrument not above the SMA200 is the weekly.

EURUSD_H4. Trading range high 1.1605, low 1.1348

The GBPUSD price action on the H4 time frame has made a bearish retest of the 1.32578 intra-day horizontal support. The technical prints favour further southward liquidity engineering.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

expecting gbpusd and other usd pairs to go up another 90 pips in favour of the usd strength to the next 4 hr supply zones watching price intently

Exited at 1.3272.. +9 pips.

funny how things work out… this level would have been a happy buy at the beginning of this month but now is a happy exit/sell )
cheers!

I had to exit the buy as today is Monday and price is yet to complete the expected minimum monthly range of 300 pips which may attack 1.3180 area. Though recent Mondays have been heavily bullish but I don't want to Count on that alone.

I closed Friday's GU long for 18p. Right now the M15 and M30 are struggling to get above key price levels. I'm unconvinced that the bulls has control, at least until 1.331x is taken.

Bought GBPUSD 1.3240.. target 1.3330.

I don t think this drop is done...

GBP/USD BUY LIMIT @ 1.3225

TP1 1.3254
TP2 1.3284
TP3 1.3344
SL 1.3178

I don't place my trades at one price, I apply Martingale. I can easily buy again at 1.3180 and still target 1.3240 to make 60 pips on buy 2 and achieve breakeven on buy 1.

Risk reward favours buying than selling now. I still have my eyes on 1.3180.