Cable Update (GBPUSD)

5' --- Long both , now , with tight SLs . . .

this makes sense!

5' --- I have no strong opinion now.......Tight SLs will take care of my longs if this upmove aborts . . .

5' --- SLs now , as shown . . .

Long entry. 1:2 target.

Trade moved to break even and some, Important for bulls to close the week above 1.34422.
Have a great weekend
Cheers.

What a Beautiful chart !!

5' --- My situation , now. . .Short with tight SLs . . . .

Jun is the 2nd best seasonally after April
May:
P(new_low): 0.4
P(bearish): 0.85
If price drops to 1.34 again it will shift current mth POC and increase chances for bears in June.

*new TACO cycle on the background*

If price drops to 1.34 again it will shift current mth POC and increase chances for bears in June.

Will be there any follow up after copy-pasting my comment?

It was a nice entry and the Sellers are not yet in total control.

There will likely be at least one more encounter at your entry price with a deep buffer up to 1.3380.

Thereafter, bounce and likely break upward or break downward.

Risk management is just the basic key to this kind of Scenerio, most especially as we contend with 2 series of resistant against entry.

I love the courage, confidence and desire.

I wish there should be a repricing gap up or gap down as market opens to resolve these imbalance.

Good luck friend.

EURUSD_H4.

GBPUSD_H4.

DXY_H4. I'm short risk to begin the trading week, I expect the DXY to head for the H4 range high.

My Trades:

EU, short target 1.1535
GU, short target 1.3320
AU, short target 0.7055
NZ, short target 0.5780
U/Chf long target 0.7920

I see potential for GBPUSD to reach 1.36270

The GBPUSD price action on the H4 time frame is consolidating in a rising wedge (magenta) and presently a few pips above the 78.6 fib retracement of the bearish swing traceable to May 2021. As the short-term technical impulse favours bears more than bulls, we may see an intra-day bearish breakdown of the wedge before a northward correction.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Note: Today is a Bank Holiday, Memorial Day in the US and Spring Bank Holiday in the UK.

GOLD_H4.