Cable Update (GBPUSD)

Good sudden raise so far , i more jump to hit my pending in all . waiting .
fontu

what caused the rise now?

G/M,

Pullback from yesterday's 5973 hi resulted in a PB candle on the daily formed.....then price finds suppoprt at a previous 1hr swing hi zone - now a previous 1hr/4hr swing lo zone...

5746 Daily R1 @/around
5754-73-79 prev Dly/4hr/ 1hr sw hi zone incl 5764 & 69 = 2 x fibs.
5784/86 Weekly R2 @/around and 50% 6165-5409
5802-06 prev minor 4hr sw hi zone
5811 85.4% 5888-5409
5823 Daily R2 @/around
5830 61.8% 6092-5409
5854 61.8% 6128-5409


[ 5855-70 Weekly t/f descending trend line
[ 5859-75-88 prev Dly/4hr sw hi zone incl 5874=61.8% 6165-5409
[ 5885-5905 Daily t/f descending trend line (change each day)


5910 Weekly R3 @/around
5912-31 prev 4hr sw hi zone incl 5930 = 76.4% 6092-5409
5959 76.4% 6128-5409
5986 76.4% 6165-5409
5991 85.4% 6092-5409
6024 85.4% 6128-5409
6053 85.4% 6165-5409
6076-92 prev Dly/4hr sw hi zone incl Monthly R1 @/around 6076
6096-6117-6128 prev dly/4hr sw hi zone
6130-39-65 prev wkly/dly/4hr sw hi zone
6173 = 76.4% 6454-5270
6181-6208 prev minor Daily sw hi zone incl 6181 = 61.8% 6746-5270

To the immediate downside per 1hr near-term current screenshot below with Daily S1 @/around 5620, Daily S2 5570, and Daily S3 @/around 5494.

Bullish so far intraday with Uk data at 0930am gmt.

G/L

Limits for bull next 5699 , breaks go next 5678 & last 5673 to confirm the bear back . waiting see
fontu

Current near-term 4hr chart as below....the wide dotted trend lines being previous descending trend lined on this t/f breeched to the upside.

G/L

this is forex anything can cause a rise or a fall, don't predict just go with the flow when it happens, times like that you must abort your system and adjust to what the current market is doing, thats why is' good to have a system for times like that.

forgive me not knowing about chart because i never use a chart to trade, are you saying with your chart you posted that we are go up.

..all trades covered, took half profit ! Now, sit and wait! I guess, numbers are being expected. Who knows where this might go....

Just a technical correction move nothing more. We dropped quickly from the peak yesterday and a small correction is characteristic of this pair. Use your fun tool and I think you will find a 61.8 retrace. Not at computer but looks about right on fx street site.

I mean FIB tool

If we try to give a reason to every wave and jibber jabber of this pair in particular, I think we would all go NUTS

The analysis I posted merely points out the potential supp/res factors that are present as well as commentray on overall price action conditions on each t/f I comment on from time to time, as well as intraday as a whole. It makes no attempt to predict future price movement - that is not within my power or anyone else's.

G/L

Baby home now and loving her new crib

My indis tell me we could be fluffing around here for quite a while before we see a move

Fantastic Current Account news!

in what way? plz explain

Lol just some poor GBP figures. They're on the FF homepage.

10 billion below expectation, I think he was being sarcastic.

a tale of 2 61.8 fibs: price pullsback from the 61.8% of the 5774-5647 @ 5725 then rises again from the 61.8% of the 5655-5725 move...challenging area of current daily hi at 5725 now. The 4hr descending trend line comes thru around 5760-70.

G/L

i dont even look at news..trading is difficult enough..its tricky yesterday dailly aint good but maybe a trap..if havent fallen below the low of yesterday so a short is dangerous..thats the trap