Cable Update (GBPUSD)

Finally making sense. Added a bit over 1% today on a short trade. Structure seems to be stabilizing at key levels. Was tempted to trade today but waiting for dxy to shake something. Be back next week.

Yall take it easy
be a thinker before being a reacter

CABLE

Short

the infamous pat chicko. How are you?

...

* The still forming Mthly candle is looking bullish so far, with 89% of 6mth amr traveled. Price closed the week still above the current Mthly Pivot, (which is @/around 3295.) The t/f is rangy.
* The > 13wk awr (120%) Wkly t/f closed the week still in a horizontal range channel, and with a 4th consecutive bullish- bodied candle close within that channel. The 1st of these had a lo of 3140 (CYL,) at bottom of that channel. (ie: I consider 3010 then 3038 swing lo's to be false downside breaks of the channel.) Price closed above it's now old 3391 Wkly Pivot.
* Fri's < 30day adr (66%) Dly candle closed as a bearish-bodied hammer candle, following a downside follow-thru on Thursday's bearish dly candle that recorded the 3558 week's hi. The t/f closes the week in a general uptrend, - from 3140, that 3558 swing hi being the 1st HH in it, after 2 x HL's, (@ 3322, then 3342, respectively.)
* The 4Hr t/f closed the week still in a general uptrend, from 3140, that has been weakened by the strong fall from said 3558 weekly/trend hi. It's last (small pip range) candle close was effectively a doji.
* The1Hr t/fclosed the week in a general downtrend that starts @ said 3558 swing hi. It's last (small pip range) candle close was bearish.

Wkly, Dly, 4Hr, then 1Hr, below.

Since at least the year 2000, GBP/USD has been trading below the key resistance on the monthly chart. We have had two false breakouts since then, one in May of 2021 and the other in September of 2024.

Both times the monthly candles that made the breakout were completely engulfed by the following one.

That has all changed in April of 2025, when we witnessed another breakout. This was the real breakout. Eventually, the price went on to retest the ex key resistance in November of 2025. What was the key resistance for decades on the monthly chart became the key support.

Currently, this key support on the monthly chart is ~1.30000. Since the breakout, we have been in a consolidation phase.

If the price closes a 4-hour candle above 1.3461, it will move to seek more sellers in the supply zone.
If the price closes a 4-hour candle below 1.3420, it will move to seek more buyers in the demand zone.

The GBPUSD price action on the daily time frame printed a bearish candlestick on Friday to retest the 1.34465 intra-day horizontal support. This was after the area was flipped as support when a relatively big bullish candlestick broke above it on Wednesday to retest the 1.35330 horizontal resistance. Technically, bulls are favored to regain control of the market. So, any southward price action in the early part of this week will likely be a trap.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

GBPUSD_H4. I am expecting price to pivot, then run higher. On a break of the high, I have an upside target of 1.3670. My EU short target is 1.1345

GOLD, short, target 3885.

I'm expecting a new high of 163.30 for USDJPY.

Well let’s play ball

Bear Gang GU Entry @1.34660 sl 20 tp 33804

Thats an inducement zone itas not a valid BOS, BLUd i just saw this i would have advised you to wait for a sweep

added Short at 1.34780 sl 20

Looking to Sell GU in the direction of Macro Trend following an exhaustion signal until break of pivot to the upside.

Wishing everyone a happy trading week.

closed and out of trade at 34660 allowing 1.34780 trades

Love the analysis!

[quote=ricmaj;15812951]{quote} closed and out of trade at 34660 allowing 1.34780 trades[/quote

Why ?
Ohhh! I have seen the reason.