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Cable

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_
ridethepig | GBP Market Commentary 2020.07.02📌 The affinity between 'resistance' and 'overextension' Light and summery flows continue with GBP in purely technical moves. Very little to update on the fundamental here; a weak macro and political picture persists as activity remains incredibly low in the absence of confidence. There’s a lot of support stacked on the 0.90 🔑 pivot in EURGBP and 1.252x in GBPUSD. Reassessment only required with a weekly closing below/above. => Restraint in the technical sense can be conceived with the presence of resistance; but real total defence which reigns over the whole G10 board and which gives FX markets breathing difficulties, is only possible when risk is in the air. Parking in USD will remain attractive as long as the VIX remains elevated. => From a risk perspective, to what extent, we may now ask, does one need to give their stop breathing room? It is not enough to state the highs will hold as NFP can easily capture the stops and will be highly unpleasant to defend. This means we need to give some room up towards 1.258x as we will have the 1.25 quarters and halves to protect. ⚡️ US DATA PREVIEW: Primary Dealer Nonfarm Payroll estimates - RBC 8.0mn - Natwest 7.2mn - Citi 5.5mn - Morgan Stanley 5.285mn - BNP Paribas 4.5mn - Goldman Sachs 4.25mn - HSBC 4.0mn - Scotiabank 4.0mn - TD 4.0mn - SocGen 3.9mn - BMO 3.5mn - Wells Fargo 3.3mn - Credit Suisse 3.0mn - JPMorgan 3.0mn - BAML 2.8mn - Daiwa 2.5mn - Deutsche 2.5mn - Mizuho 2.5mn - Barclays 2.0mn - Jefferies 1.95mn - Nomura 1.5mn - UBS 1.5mn - Dealer Median: 3.4mn With this in mind, 3m is the headline to track.... undershoots will be positive for USD via risk whereas inline or overshoots will trigger profit taking from the recent squeeze. The ST flows in a technical sense are no less imaginative than the MT and LT swing we traded earlier in the year. As usual thanks for keeping the feedback coming 👍 or 👎
Short
by ridethepig
16