Cable Update (GBPUSD)

monthly

Still in consolidation. Cable give nice scalp opportunities last days.
Bouncing from SR and trend lines like charm.

On a slow day with a limited range, I'm satisfied - Daytrading, grabbed some Gbp/Usd at 1.2427, cashed out at 1.2459, and added to my long Gbp/Aud position at 1.6717.

Admittedly, Gbp/Usd isn't definitively out of the grave yet, but it has actually broken the downtrend line on the daily chart, and I think it would be reasonable for them to look to fill the gap down left from 1.2597 to 1.2558 next week. Let's put it this way - it's a shorter distance to there than it is to pushing it below 1.2350, plus, after the strong Monday, they had to work very hard to push it - twice - below 1.2400, only to have it pop right back up above there.

Not much of a range for the week, but what there is looks more encouraging for bulls, with the market's lowest point for the week only down about 20 pips, and it looks like we'll be finishing near the highs for today. Reasonable to assume there are substantial stops above 1.2500 and 1.2550, and below 1.2350 and 1.2300.

Also a good idea to start thinking end of the year and people closing out sizeable, long-term positions before year's end - I would guess that most of those people are short the market. Will be interesting to see how all the major pairs react to an expected December rate hike, but my personal take is that it's already largely priced into the markets - I mean, a December rate hike in the U.S. has been virtually a given since January 2016, so I would think maybe an initial downdraft effect on Eur, Gbp, Aud, etc., but perhaps not one with a lasting impact.

Attachment

I would think one good, strong up day - you know, something like a day where price advances from its current level to, oh, say, 1.8500, would be a good indication of a long-term bullish reversal.

(Hey, I can dream, can't I?)

Hello ) I was out of this place since looooooong time!!!

Yes, that low is messed up in my broker. For them, it came @1.1920.

Anyway, daily chart shows very interesting levels and behavior in 1.23-1.2340 area, which became IMO a very good support. As long as this setup holds, we might see soon 1.2650 printed again and eventually a continuation to get prev lows area near 1.28.



Those moves up near 1.2340 came together with important fundamental facts specially last one on monday, looks like a "declaration" to me.

This whole setup will be effective only and only if market will conquer very soon the 1.2500 - 1.2550 so meaning a daily close near 1.26. Otherwise bulls will lose power and we might go back to the 1.23.

Of course, we have not to forget we are in retrace mode, and monthly is really ugly to watch before clicking the buy button....

However,
still we are below the 1.25 - 1.2550 area.



Must be careful atm with longs! I scaled on friday and hedged my position. Let's see what the new week will tell us!

Holding my Long...waiting to see how we react to the 2530 level

Watch for the bounce in the mid 2400's before we start upwards toward the 2500's but yeah great move....

that's higher than the moon..

Gbp/Usd the pair bounce around 1.25 level and shows sign of upward potential but limited, next resistance level can be found at 1.2560.

GU ?

coming soon..

2530 tp hit. Now waiting to see how the rest of the day unfolds. buy limit placed at 2480 sl 2440 tp 2580.

Im playing the channels

I will also buy if the 4hour candle closes above 2511, the blue dotted line, which is a strong resistance on that TF

can reach 1.273(161.8) at this wednesday night ？

Wish you Good Luck

https://www.theguardian.com/politics...-single-market

Targeting 1.22500

As long as it says in channel it can bounce back. If it goes below 1.2430 then it will retest 1.23 again.