Could the Cable drop from here?The price is rising towards the pivot that lines up with the 78.6% Fibonacci retracement and could drop to the 1st support which is an overlap support.
Pivot: 1.3339
1st Support: 1.3158
1st Resistance: 1.3442
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Gbpusdd
Look To Sell USD and Buy EUR, GBP, NZD and AUD!This is the FOREX outlook for the week of May 5 - 9th.
In this video, we will analyze the following FX markets:
USD Index
EUR
GBP
AUD
NZD
CAD
CHF
JPY
USD Index has tapped the W -FVG. I expect it to sweep the last week's high before heading down. Short term strength for longer term weakness.
Look to buy xxxUSD pairs. Sell USDxxx pairs.
Wait for valid setups. FOMC is Wednesday! Don't just jump into trades without confirming the bias first!
Enjoy!
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