Cable Update (GBPUSD)

waiting May speaks...any idea?

She seems lost..

1 hour,,,Well what a great day yesterday was with not one but two very nice pull backs before price went all the way to the 3039 resistance but again did not break it.

Today we see the bears trying to find support and the averages are failing to make HH's.

To me it is a watch and wait situation as we are still trading well above the average on the daily.

wonder if its wise to lean on 3050/55 next time up, just for a scalp....

as for support, all I see is 2985/90, but that was tested in dramatic fashion last week...not crazy about it, but its far away enough to probably pay something...

hello ..
broke uptrend channel will be more safe entry to sell it >

Very strange price action this week for GU. Perhaps something big is looming.

gonna lay some cheese on the spot in GY should we reach tomorrow, got nothing in GU that's interesting...later

Following on from yesterday on the 1 hour the bears did indeed find support and struggled all day long to hang on to it, still the bears did manage to trade below the average all day also rolling the average over to the downside.

The question today is going to be can they maintain this and break the previous swing low average and even reach the support at 2907.

Since the daily is still strongly bullish I would expect the 1 hour to bounce rather than break the lower average.

Cable continue it's consolidation, risk remains on the downside. On the upside, 1.3000 act as psychological resistance level and follow by 1.3120.

no change here , target 1.3240/3374 still to reach or try but waiting for a correction with bo 1.2913 /000 for 1.2850/ 2754 min to 1.2615 bfore target . so watching for bo & hold first before any jump. take care , fontu

If the price exceed the EMA50 setup nulified.

I don't see any new entry before FOMC minutes later today.
good luck.

It is pointless comparing price with an EMA....Price should be compared to price and Ema's should be compared to EMA's

2933 still looks like a spot to watch for bullish PA

The problem with trading GBP/USD at the moment is that different brokers have different prices for the low of the flash crash, so it's difficult to draw long-term fibs. Some brokers have their low as something like 1.1425 but this was just because of an unusually wide spread. Bloomberg has the low at 1.1841. It makes a big difference. The 50% fib could be either 1.3440 or 1.3215 depending where your flash crash low is. If you use the Bloomberg data then the high of the past week is just below the 38.2 fib.

Don't talk about things you don't understand.