Cable Update (GBPUSD)

Why are European banks closed this Friday? Is it 'Earth Day' or I think its Easter? We have MPC Minutes midweek..

diamond top pattern heading down along with double channels.
what do you think?

Easter on sunday, this friday is Good Friday to commemorates the crucifixion and death of christ

Ok thanks, so looks like we have only 4 active trading days this week, I suppose American banks are closed too Friday.

At what price did gu close? My broker closes 15 min earlier and opens 15 min later.
Thanks

1.63221

Tnx Magix. Hotforex closing price is 1.62943


Seems there is a strong support at 1.6250 which i doubt it would be broken

...as none of us ever know where the markets want to take price, I do try to look at the news releases in order to take a 'guestimate' at what day money will use to show its hand.

I do not see much until Thursday, a somewhat 'regular' day for market reversals, and on this week, the day before everybody buggers off for Easter. I suspect that there will be quite a few who would like to close their books for a week or so, and so expect some shifting of price. Yes, the MPC minutes are out Wednesday, but this is becoming something of a lame duck as of present - yes, I know, my words will be the kiss of death and this one will be the shocker that rocks price.

Of course, my comments about this coming week raise questions about whether money expects this thought from us, and so will not show its hand until Easter week, or later, for the direction of this quarter to become clearer. Who knows?

So, in the interests of PA expectations, I'll go with the start of the week seeing a drop down to the standard yellow 76.4 fib at 1.62 for the first day or so, and then if this is to be the week that price moves as everyone wants, Thursday's releases will see price head north. If the releases are no good - which many contend the market already know about - I think we will oscillate around the 1.62 level, or drop back to the range support around the 1.60 region in time for Easter break.

If we see a gap of more than 70 pips at the open, it would also give us a clue. Whichever way the gap opens than the price rush back to cover that gap and continue in the direction of gap rest of the week or at least till Wed/Thu..

So I think we should also be looking for a Gap at open to give us a 'guestimate' as to which way it might go for first half of the week.. than we continue or reverse from there is a different analysis at all and needs fresh charting at that time.

Nope, not me... will not get dragged into any discussion on gap trading.

I am very anxious, I must withdraw 3000 USD by Tuesday morning, so I just want to make that much today positively and get it done with. I already have 4 Standard lots open positions in the market at BE position during close, I just have to decide whether to add more to compensate low volatility or are they enough. That is bordering between greed and the opposite of greed.

Tuff call at this point B...

Will have to see what shakes as we enter into resistance...

Good day to you all,

After further study on smaller timeframes, I will be looking to buy @ 1.6265 - 1.6255 area. Since we are floating between extremes on my larger timeframe charts - this will be treated as a scalp. SL 1.6225.

Wish you success for the week ahead.

Regards

... no, I want Darth Idiot back.

P.S. That is in no way meant to imply what many would would infer..

nice to see im not the only one using fibofan!
very good weekly n daily analyze!
thanks

hello
i see still no reaction on daily usdx
desphite momentum (12) try to get upper trendline.
until i see price closed in this sort of channel i dont expect it to go stronger, but only some moves into it.

one day it could breake up n boost after good confirmation

that will be the day i will change my bullish idea on gbp.
still on "buy dips" mode n "short only main weekly/daily resistances.

any agree or disagree?

updated with a bit fibofan weekly chart
price closed between 50% n mofu (56% found on eur usd thread )

first worry this week if Price goes up above n confirm support in 75.80
while loosing 74.60(lower daily trendline) can mean straightly 73.60 (50% fibofan weekly)

i find it very helpful
hope you also will

lolz
i promise, this is my last chart, i hope not to be boring
i want to post coz i see in agree with other people's posts

i identify blu rectangles on possible levels of dem/suppl
the 628-6260 area i find it also near gold channel upward
the 6360-6400 area appears near fibochannel linealready tested

both levels are also strong supports n resistances or weekly/daily fibos as posted by others in previous

while the6290-6320 i see not such a interesting level unless price holds above it confirming