Cable Update (GBPUSD)
an alternative explanation to the resistamnce found at 7176 area in this pairing could be the confluence of the following
a. 38.2% fib 7843-today's lows 6776
b. The previous swing low area on 1hr and minor swing lo area on 4hr ..shown on 1hr screencap below as the white dotted lines
c. The decsnding resistance trend line (1st test)
Furthermore at 400pips up from the 6776 intray lows , outside of it's 5,10 and 20day pip range averages, a decent pullkback was very likely.
Just a thought.
G/L
so ema could be another trendline?..ok thanks
Don't think of it as a trendline. Anyone can look at a chart and see the overall trend. Think of it as floating support/resistance.
Don't think of it as a trendline. Anyone can look at a chart and see the overall trend. Think of it as floating support/resistance.
Nav I'm in the same position as you buddy, short at 6900, come on you cable fall.
together..it will be very unlucky if it doesnt go down, im just concerned and if we going to get a sizable retracement
