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Cable

GBP/USD buy opportunity... Hi Traders, Cable has entered the week 20/07 with some noticeable strength and should not be ignored. Here we have a buy opportunity on the GBP/USD to potentially the 1.28 handle before I begin looking for signs of a reversal. This week the cable will be faced with some PMI and other economic data figures along with the ongoing Brexit negotiations. Reports suggest the pound is 3 times more likely to react 'dramatically' than the other majors so this is an opportunity to ride a potential move higher in sterling. From a technical analysis perspective, I am looking at a bullish flag in development, price has currently just broken above the 200-day MA further indicating sterling strength and my immediate target is the 1.28 level. ENTRY: Use the 15 minute timeframe for entry analysis! It is unlikely to find another 1hr or 4hr correction (if above analysis is correct) at the current structure so use the 15 min timeframe to pick out an entry and use stop losses accordingly! 👍🏽 Follow for more updates. Any questions, feel free to ask. Ike
Long
by Ikeokeke25
Looking clean CABLE - GBP/USD. My favourite trade for this month - Over 1.26733 area I'd look for bullish formation, pattern or daily close for further confirmation of bullish run towards 1.27/1.28 is where the next resistance areas are. Some people say it looks like inverse head and shoulders. However, we need confirmation for it go OVER the trend line - we are finding that a key area. Keep an eye, put alerts or orders in so you don't miss the move. It is a great risk reward move as well as one of my favourite trades - momentum going with trend. However, until we haven't broken we could head lower to 1.25/1.24 areas and any lower 1.23. However, DXY is at a key area at this moment of time. Keep an eye out on EUR/GBP as well. Just a trade idea, not recommendation. Enjoy.
by Trade_Journal
GBPUSD LongHi everyone! GBPUSD been showing bullish sentiment last week, with retest of the 200 EMA & certain Trend Lines (1H, 4H and Daily) giving further buy entry opportunities. I am looking on going long on gbpusd for a short term, taking in notice the upcoming events from the economic calendar. Entry would be in this case on the retest of 1H/4H trend lines & S/R Levels! Entry confirmation will follow of course after the market open, but betting on 61.8 Fib and S/R Levels. Clear formation of Double Top/Inverse H&S pattern, after clearing the previous high and retesting the level would move the SL just bellow, to lock some pips. Daily confirmation of further bullish bias.
Long
by im_MrTony_