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Cable

GBPUSD - To Revisit June Lows?Lots of confluence pointing toward a decline on GBPUSD here. Here we see the rejection of the identified resistance area, in line with the downward trendline. Price is holding well under the 200 EMA also. Price action on the last hourly candle also infers a reversal. I don't really like this pair due to both GBP and USD being two dominant currencies - I find the fundamentals hard to predict! But here I think the technicals line up nicely for a sell off. Stop loss can be placed above resistance at around 1.39400. I'll set TP at the 1.38000 psychological level. Nice R:R, let's see how it plays out! Let's watch out for 1.38800-600 though as this could be an area of struggle.
Short
by MMQ_FX
4
GBPUSD SHORTTechnical Analysis for GBPUSD on the 4H Timeframe. Mixed feelings for the Cable for the week ahead. As expected, Cable went to retest the 1.41800 area before heading down on Friday to the 1.41000 area. My Personal BIAS on GBPUSD is BEARISH but ONLY after taking out the buy stops resting at the 1.42000 area, before crashing towards the 1.40700 key level. If I will see a rejection from the 1.41700 level, I will consider it as a strong confirmation that the Bearish OB resting at that level is a valid block and I will take a sell. If not, we will wait and take a sell position from a higher level above 1.42000. As a first Take profit, I will look for the 1.40700 level. The second TP I will consider the GAP that needs to be fill at around 1.40000 level. It only depends on the strength of the greenback. It will be an interesting week ahead. Please like, share and subscribe if you find this idea useful. What is your opinion on the CABLE for the week? Remember: THIS IS NOT FINANCIAL ADVICE. THIS IS ONLY A TRADING IDEA. Do your own research. Use proper risk management. Never trade without a Stop loss and open positions accordingly to the size of your trading account.
Short
by MissC_FX