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Cable

Potential Long GUThe market is in an ascending channel on the Daily time frame and has respected the lower support trend and rejected it and gained bullish momentum. Furthermore, on the daily time frame the 200EMA is below price which is a strong indication of bullish momentum and bias continuing. The larger area of resistance has proved itself as a key level of resistance on multile occassions on the market timeframes, a re-test or strong bullish momentum of this area alongside a crossing of the 50EMA above the 200EMA on the hourly woud serve as strong area of confluence and signal to enter a long position. However, GBP is ranging due to uncertainty in Brexit negotiations and further pressure on the Test and Trace system compounded by weak inflation in the UK. Furthermore, there is a high volume of US economic statistics being released today. Namely; Retail sales at 1:30BST, Oil stocks at 3:30 (recently demand has been weak for oil) and FED interest rate decision at 7:00 BST. There is likely to be alot of volatility in this market today, so strong confrimation of bias should be made before entering a trade.
Long
by Tical1
GBPUSD Retracement - Waiting for High Impact News. *OHLC* As I had mentioned in my previous idea, I was looking for a lower objective for the week, but I also accepted the idea of a possible retracement. If my objective was going to be reached, Cable would have needed to immediately expanded to that on Monday. As of right now, the objective I had for the week on Cable may need to wait. I am still overall short on Cable, but I am now open to the idea of being nimble (scalps) with longs.
Short
by TheMystiqueTrader
WHERE DO WE STAND WITH GBPUSD??I felt like posting this so that some of the traders on here can see where we are in terms of the quarters of the year. Its important to see this because around yearly, monthly, weekly, and daily highs and lows those prices are sensitive! We can see that the market ran out the high that was created in the beginning of the first quarter and dropped. As of now. I have my bias for GU for this upcoming week I will post it in a few moments. I recommend traders mark up there charts like this it's helpful to know where you stand in terms of quarters and so on. Enjoy.
by JohnnWick
2
Potential Long Position GUArea of interest, price has tested the support trend line and rejected it on lower time frames. Price is at an area of confluence due to support and resistance trend lines and 200EMA indicating an area of value. Moreover, it is still bullish according to the 200EMA (Daily). However, fundamental analysis may indicate pound weakness due to Brexit negotiations reaching significant stumbling blocks and NHS workers striking. Furhermore, Dollar may be gaining stregth due to what seems to be a potential second spike emerging globally (France recording highest cases on record and India hitting 100,000 daily infections) indicative of liqudity shifting to the Dollar. Acting as a safe haven. Overall, strong confirmation must be shown before entering a long position on this trade as there is potential for a complete breakout of the current market structure which would offer selling opportunties. Either way, this area of confluence will likely offer good trading positions with a good R:R.
by Tical1
GBPUSD falling out of trend - 1h shaping up for the SELL? 📉Cable has recently fallen out of trend with a strong bearish candle. On the 1 hour timeframe price is forming a continuation pattern and I am looking to get involved on the hover . On the contrary, I have been bullish on the US Dollar for almost a month now and we can finally see the DXY pushing higher, rejecting a key monthly structure. There are many confluences for a move lower on the Great British Pound and it isn't a move you want to miss!
Short
by leanosamwinga
GBPAUD Approaching Support; Be aware of Bull TurnHello traders, GBPAUD continued lower from latest 1.84 high, and is now trading close to potential support at 1.806 level, provided form a former swing high. Also fib. ratios of 50.0 and 61.8 (1.806/1.80 level) can react as support, and push price into a higher degree wave c. That said, once sub-wave c) or y) of b fully develop, and we see a rally in impulsive fashion, that is when correction as b may be completed, and wave c underway. Trade well, the EW-forecast team
by ew-forecast
GBPAUD In DowntrendGBPAUD is in a firm decline, a five-wave impulse down from March high. At the moment we see price resuming the downtrend, after recent minor corrective rally in wave 4, which ended at the 1.841 level. That said, wave 5 of an impulse can be underway, so be aware of new lows, as final leg lower can be targeting 1.73/1.72 area. If wave 4 correction is still not completed, then be aware of a rise towards the Fib. ratio of 23.6 and 38.2 (1.84/1.87 level). Trade well, the EW-forecast team
by ew-forecast
GBPUSD outlookAfter a massive sell-off and the broken trend line, we saw the biggest lunge in cable since March this year, as the tech stocks plunged and USD grew. Now price at 1.29 level, RSI very oversold. Here we are waiting for a pattern to show more technical direction. The reverse pattern for a buy and a plunge below 1.29 to sell more. While the situation in the UK becomes very agitated as Boris Johnson seems to be failing as the PM and his critics grow bolder by the day. Please support the idea and share your thoughts on GBPUSD! Good Luck and Stay Healthy!
by Antonio_trader