Cable Update (GBPUSD)
uhm personally i rarely draw fib retrace in a retrace move.
i mean: the move from 1.52 to 1.55 is a retrace move which simply triggered some stops (maybe) above the 23% just to collect supply and turn back.
in this scenario, the 0% line is very possible (1.5270).
but let's see what develops. price can find demand everywhere near here 1.54 lower area
I tend to draw fibs on anything H4 and above and see if they line up with other S/R, etc. Back testing the same area again, let's see if it holds.
good morning!
wow!! back in 1.54 area!
great work mr TAU! i really didn't think to find price here again.
looks like a possible "retrace mode" of downtrend is in failure. the 23% is 5510-20 (lol actual DP) and price did not find any kind of orders simply passing itlike knife in butter.
sellers in the 1.5480-5500 area and higher @5535-40 and a big one @ 1.5570
buyers on the previously mentioned levels
1.5420(checked)
1.5370-80 and the very low 1.5320-30
frankly the more we go up and down the more I see 1.6180 level comming on the daily
first 1.5724 then 1.5784 and as soon as we close above we go 1.6053 as important R and very last 1.6185 from which we drop 200 pips again in the first move...the rest I cannot see on charts yet
Good day to you,
also did not expect price to come down this far. I still have my eye on long based on daily - but should have been a bit more patient before entry.
So it goes.
Will see what the day brings - but have to drive out of town - so will check back later today.
Wish you all the best
Regards
) and also previous top range area.
the very last level i think will be near 5390.
61% of main upward move (tks id5
news out in few minutes.
typical!! price near main levels ahead of news.
50% of probability of up or down, price can go back into 1.53 like nothing if data are disappointing.
i stay out.
better i missed move than a possible loss.
covered 1/3 @+20 pips I will put rest to BE ahead of news
