Cable Update (GBPUSD)

Hi room,

Newbie( Don't take to trade) here

My thoughts ,

Still long 4hr chart, TP @ 1.62( against the rend) risky!

Reason: 4hr chart (HH-HL)
Above 50 fib Daily chart
Major supply zone



Cheers

any move above yesterday's low and shorts will be in danger, i am expecting 6130 again today.

overall a heavy downswing will follow.

cable will try to make a top before GBP MPC Rate Statement
later this week, then give in to market pressure.

There is a candle stick formation that is called as "3 Black Crowds".. this is the signed for the strong bears move in the next time.. but it will not bears ride away it will be followed by the consolidation first and then will be continued by the significant Bears Movement.. The consolidation is starting now

Where this moved will go..? S2 (1.6005)

Salam

below is the correct attachment for 3 black crowds

Morning, oh, I need my coffee.

Long at 1.6040 I expect significant bullish movement.

good trade with 3 black crows

Good morning.
Just entered Long at 1.6012!
What is your taget on this move?

Alhamdulillah it touched my TP that I posted before for Short on 1.6010

Morning too Josef

I will start scalping now

Thanks Bro

Hi Josef dont U think it will go to south for the UK news..

I will Sort for the UK news expected to see 1.5958

GU seems more south, I just cant see any strong buy for now. Lets us see if this Buyers Strong hold will survive. Break thru 6005 could bring about further down moves.

i agree with u because GU is trending out the Trend Line.

G/M

6139 topped the advance yesterday - the subsequent sell-off from there producing an inverted hammer Daily candle. 1hr has since gone into a classic opa downtrend with 2 x HL's and 2 x LL's printed - the 2nd following a bearish start to this London sesion which has breeched the ascending 4hr trend line to the downside. 4hr is looking somewhat mixed now re opa (overall price action) it's recent prints to yesterday's Hi were HH, HL, LH, HL, H, L, HH,.

Event Risk: Will Uk services PMI also dissapoint at 0930am London like the manuf and construct pmi's this month ? The greater probability is for £ to come under knee-jerk pressure if print is bad and conversely may seee a relief rally on the knee-jerk if an above forecast/last month print.

Current 1hr near-term screenshot below. 61.8% (5998) and 76.4% (5964) fibs of the 5910-6139 moves await below current price. Also @/around 5964 is Daily S3 (5962) and below @/around 5944 is Weekly S1. Previous 1hr and 1hr/4hr and the 1hr/4hr/daily swing lo make up the other potential support factors between today's current lo and that 5910 swing lo.

Price testing to 1/2 of a previous 1hr/4hr swing lo and that 61.8% 5910-6139 as I write this.

Any buyers leading down to 5910 ?

G/L

you can see where supply was encountered on the daily chart at yesterday's hi - where support became resistance (sbr) at the previous swing lo zone and underside of the previously breeched ascending t/line on this t/f. Will another convincing fractal swing LH result here on the Daily ?

G/L

forexcrunch.com reckon that Uk Services Pmi will dissapoint but as long as the 50 level isn't breeched '...the pair won't plunge....'

G/L

morning..
my h4 show this!

anyway, i think on a touch near 5900 again.
the matter is on services PMI later.

lets see next h1 where goes