Cable Update (GBPUSD)
the targets according to me should be as the chart indicates.. simple! (hopefully
After GBPUSD's pathetic performance yesterday, will the deadly duo put on a Friday special to end the week in style?
At 6.50am London time, the pair hovers between the 61.8 and 50 fibs drawn from yesterday's low to its high. It's been flirting with the 60ema on the 30min chart overnight and holding below the upper trend line.
It's no secret that if 1.95 is broken, we might see some good downward movement, but with no guarantees in this business, a break above the upper trendline and 60ema could point to a rise. We need convincing breaks ...not just spike-throughs (let's not get fooled).
As with anything, it's important that we don't fall foul to the old idiom; "can't see the forest for the trees", so let's step back and look at the big picture and check out the lay of the land.
If we look at the weekly chart, there is nothing but a big red bear stamping it's paws all over it. On the daily, other than a few indecisive Doji's, the only good performance this week was by the bears on Wednesday. Let's not forget that we're already below last week's low and last month's low. Next would need to be yesterday's close, open, then low.
Below is an old chart I posted on 30 April, but I still think it contains the right ingredients for a bear's feast. If you look at the big picture, the bears have enjoyed a big feed this month whilst the bulls have been picking up the scraps.
I smell a bear, but I need to see him in action first.
Rob
Where has the price line pointed since before the start of London today?
Not forgetting the big picture too.
"don't let the noise mess with your mind"
"can't see the forest for the trees"
etc ...
Watching every tick and 5 min candle is all too much hard work.
Congratulations to all the bears who have waited so long for their Friday feast 
Rob
I was wrong... I'll go back to my hole now.
But at least I made $20 off of it
I was wrong
But at least I made $20 off of it
