Cable Update (GBPUSD)

Quoting GrowthHack

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Start scalping

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Quoting alexpi

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{quote} Grabbed a short from 1H 20 EMA upward cross/15m h&s yesterday I'm revising my statement from yesterday. Even if it breaks below 1.568 it will most likely be a bear trap as price will drop into the Daily demand at 1.565/4 Price has overcome the 1.53/54 flip zone and is now reacting to the 1.58/59 flip zone for a 7th week in a row, but 1.53/54 is a monthly flip zone while this is weekly. There is just too much upward momentum to build a short at this spot. Here are some charts for a change {image} {image} {image}

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Quoting fontu

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{quote} Good but not get the chance yet , reacting very fast than think & decision process, so breaks 5743 already , next level react 5718 & 5692 to see if jumps ! otherwise short will take after the previous low breaks , +especially breaks limit 5653 signal , correct up & continue bear as usual. fontu

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Quoting alexpi

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{quote} It's not often that I hold 1H trades for so long but I still don't see any good long signals (= a reason to exit). We took out the longs at the Daily 20EMA today and they weren't enough to break into 1.5801 (SL atm). Given the fact that we've killed a lot of long orders I believe a drop lower than 1.565/4 - into 1.558/9 - is a definite possibility Whatever happens I'm closing all of my trades sometime tomorrow and I'm not trading until end of day on 6th July

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Quoting fontu

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ok play , took signal 1 & near target 1 bull\correction & bear pressure also remain this month > just by 1 day & so should be some restless fast ranging at top to decide who win. satisfy both can be good option , just take 5802 & + crush ,also to have bear target if all ok 5583 or nearer. will look short above 5802 short term to see > range few times toward 5750\43 & top before the decision possible , so scalping chances at top , long should be risky if not watch more times fontu {image}

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Quoting HareshBM

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Reversal from 1.5920-30 important resistance and a subsequent weakness below 1.5750 has now confirmed continuation of the near-term weakening trend for GBPUSD, at-least till 1.5670-60 support area. Wouldn't be surprised if the pair drops further below 1.5560-50 support area to retest the very important 1.5500 psychological mark support.

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Quoting HareshBM

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{quote} GBPUSD still seems vulnerable to resume its near-term corrective move and a drop below 1.5660-55 now seems to accelerate the fall immediately towards 1.5560 support area. Would place my stop-loss on a decisive break above 1.5800 mark.

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Quoting HareshBM

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{quote} GBPUSD awaiting the release of manufacturing PMI before heading lower...

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Quoting HareshBM

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{quote} and here it goes... should continue the momentum initially to 1.5630-25 before targeting 1.5560-50 support...

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