Cable Update (GBPUSD)

Great point. My volume points down. Price has just been floating around doing nothing.

5' --- Approaching a selling point SOON . . .

if deal this will open above 3600. I hate shorting GU when it's missing a right shoulder.

5' --- Closed longs here, NOW

The market responded today on some progress on possble talks, now we are back to he said, she said, damn.

IRGC outlet denies White House claim that Tehran requested talks
Tasnim News Agency has said the White House is lying about Iran requesting face-to-face talks with America.
The semi-official news outlet of the Islamic Revolutionary Guard Corps is calling out White House spokesperson Karoline Leavitt for telling Fox News that the Iranians requested a face-to-face meeting with the U.S. team in Islamabad.
“Iran has not made any request to talk with the Americans, and, on the contrary, it has completely rejected the requests of the Americans for negotiations due to their arrogance until this moment,” the agency posted on Telegram.
“Despite the great thirst and need of the Americans for negotiations, Iran has emphasized that there is no decision to negotiate with the United States ‘currently and under the existing conditions’ due to the excesses of the United States,” it added.

Iranian Diplomatic Source:
"We have conveyed to the Pakistani leadership our position regarding the ten points."
"We will not sit in negotiations where the US sets red lines."
"The Iranian Foreign Minister conveyed Iran's official position to the Pakistani leadership."
"We are ready for negotiations but will not surrender."



this is absolutely going nowhere.

"Witkoff and Kushner are still in Miami and have not left for Pakistan."
"There seems to be no progress at this stage in the negotiations between Iran and Washington."


no deal or close to this weekend

On Friday I was hoping to see a decline to around 1.3430, but the price surged higher. This created an opportunity to make more money.
From the open on Monday, I'll be selling with the same target of 1.3430, and from there, I hope to see a gradual rise to 1.3588.

My trading range for GU this week is High 1.3610 and Low 1.3340

GBPUSD_H1. I'm shifting my focus to the H1 chart this week. Price closed Friday just above the SMA200, making it bullish short term. My low for the week is outside the current H1 range.

EURUSD_H1.

DXY_H1.

GBP/USD is trading around 1.3530–1.3550, showing a 0.48% increase over 24 hours and a strong, consolidative, yet slightly bullish structure as it targets higher levels near 1.3600. The pair holds above key support at 1.3360–1.3379, with technicals suggesting a "Strong Buy" amid potential for further gains.

My thoughs going into the new trading week. It's month-end, and we know the dollar will run, but timing that strength for me is key. I expect dollar weakness to start the week, and I am therefor keeping short dollar against CAD and CHF. Long EUR, GBP, NZD and AUD. I expect YEN strength early in the week, so keeping short USDJPY. Medium term GU is still bearish, so I expect heavy bears once month-end kicks in. As always, the DXY will guide my trades. My trades to start the week:

EURUSD > long target 1.1810
GBPUSD > long target 1.3615
NZDUSD > long target 0.5950
AUDUSD > long target 0.7220

USDCAD > short target 1.3570
USDCHF > short target 0.7785

No obligation to follow these trades, this is how I see the early week unfolding. Wishing you all a green week.

CrudeOil_H4.

In my opinion usdx is set for 97 to 96 area. A daily break and hold above 98.5 will be good for dollar bulls and change the current dynamics. I will not become bearish on Gu at this stage,
Cheers

Here's the DXY_D1. A completed EW, this time, no ABC, but a channel correction back to wave1. So for me, DXY to 97/96 area is highly unlikely.

Hi Guy,
I am no eliotician and cannot comment much on that but what i can say is that there are so many scenarios that can take place and as an eliotician you will only get an accurate estimate and count as price come to your trade entry level and becomes clear. There are two legends at Mind Pillar markets on You Tube. Andy and Dewald. These guys are absolute beasts at nailing perfect trades in live trading sessions. Worth a look if you want to learn Eliot Waves.
Cheers

Although the GBPUSD price action on the H4 time frame made a feeble attempt to break above the 1.35250 intra-day horizontal resistance on Friday, we may still see further northward price action in the early pat of this week before a southward price engineering. The bigger technical outlook is bearish.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

after this gap down, fisher isn't wiped out fully. so eu and gu can be bullish unconditionally