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Cable

The wedge pattern on cable! Bears waking up? So far this year, Cable has made significant progress. However, the fifth wave’s potential for further growth appears limited due to its final leg within a higher degree impulse, as evident on the daily chart. Interestingly, there have been instances of sluggish price movement and overlaps around the 1.23 area. This prompts us to question whether this could be the fifth wave nearing resistance at 1.26/1.27, potentially forming an ending diagonal (wedge) pattern. These patterns often result in sharp reversals, so caution is advised for bullish traders, particularly considering the absence of buyers even on a “hawkish BoE” day. It is possible that speculators are losing hope for the Bank of England’s ability to curb inflation.
by ew-forecast
1
GBPUSD Outlook for the Week AheadThe GBP/USD currency pair has recently seen bullish pressure take control, with bears unable to invalidate the crucial demand/support zone at 1.23823. Over the past two weeks, the 1.25044 supply/resistance level has successfully held, prompting the question: what's next for the GBP/USD pair? To answer this, we'll analyze the daily, 4-hour, and 1-hour candlestick charts. The daily chart reveals a significant supply/resistance level at 1.26080, near the psychological 1.26000 price level. The bullish trend is evident as long as the 1.25044 level holds, with the price above the 20-day EMA and MACD zero level. Should the 1.25000 zone fail to hold the price, a push down to the nearest demand/support zone at 1.21821 is expected. Similar bullish trends are observed in the 4-hour and 1-hour charts, with the price trading above the 20-period EMA and MACD zero level. The multiple timeframes support the uptrend, with the next week's price movements being closely watched. However, the technical outlook for GBP/USD remains uncertain, with market sentiment being the key driver. The range between 1.2350 and 1.2550 offers potential range-bound opportunities, with a daily candle close above or below the range top or bottom being key for bullish continuation or a deeper correction to the downside. Retail traders are currently short on GBP/USD, but a contrarian view suggests a short-term bullish bias. While no major news is expected for the GBP next week, the USD has several high-impact news events, such as the ISM Manufacturing PMI, JOLTS Job Openings, ADP Non-Farm Employment Change, FOMC Statement, Federal Funds Rate, and Unemployment Rate, among others. These events could potentially affect the GBP/USD pair, making it essential to monitor technical indicators and upcoming news to identify potential shifts in market sentiment.
Long
by ClintOnos
$GBP - Think about a birds eye view...$GBP - Think about a birds eye view... When trading I like to go towards higher TF in order go proceed to lower TF. Looking at weekly we are within a range of lows: 1.18 areas and highs: 1.23 a break to either direction. We had a mixed view on NFP but we extended higher and dollar declined we could see this theme continue another perspective I was looking at was spx/dxy that was interesting chart and can be discussed in further details in other groups I am part of. Focusing on GBP - It's a break to either direction. We should be getting back to normal this week as holiday is over, regarding data most importance will be US CPI & Unemployment claims for GBP watch out for GDP. Be careful of your trades on data release. Technical break out and TL are drawn and even if we was to put fib there we are at key area and could make our target 161.8 which matches pattern completing time will tell. Overall, I will looking at FX majors very carefully. Hope you had a great first week of trading and plenty of more opportunities are yet to come this year. All the best, Trade Journal
by Trade_Journal
GBPUSD H4 | Heading towards supportGBPUSD could fall towards a key support level. Price could hit our buy entry at 1.24031 and reverse towards our take profit at 1.25465 which is an overlap resistance. Stop loss is at 1.23433 which is an overlap support. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
Long
by Rockqet
2
Time for GBPUSD to give up?I'm short on GBP USD, it's failed to make a new high, failed to break back above the dynamic ascending trendline. Inflation is still high, despite rate hikes. Economy is in a pickle, with really poor retail data today. UK is the worst performing economy in Europe. There's RSI divergence. We're on a longer term downward trend so if this is to be broken I think we'll see retracement first. Conversely there's been a double bottom on DXY, it's due a retracement after 5 weeks of decline. USD doesn't look great either, but to me it looks better than GBP. This is why I'm short on cable, with a great R:R.
Short
by Finchcliffe
2
GBPUSD H4 | Bounce from support?GBPUSD is approaching a key support level and potentially bounce from here. We could see price move up to our take profit target. Entry: 1.23443 Why we like it: There is an overlap support Stop Loss: 1.22699 Why we like it: There is an overlap support that aligns with the 38.2% Fibonacci retracemnent Take Profit: 1.24724 Why we like it: There is an overlap resistance that aligns with the 61.8% Fibonacci retracement Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Long
by VantageMarkets
GBP/USD Showing Bullish Continuation Pattern 50% Fibo 1.2400 SUPDuring early Easter Monday morning in London, the GBP/USD currency pair is experiencing a drop for the fourth consecutive day, as it takes offers to refresh the intraday low near 1.2400. This is a result of the US Dollar rebounding due to risk aversion and hawkish bets on the US Federal Reserve (Fed), following last week's pullback from a 10-month high. Meanwhile, the Bank of England's (BoE) next move is uncertain, causing doubts about the pair's future direction. Based on our analysis, the GBP has experienced a pullback towards the 1.2400 area, which coincides with the 50% Fibonacci level. We have identified a bullish flag pattern of continuation, indicating that there is a high probability of a new bullish impulse for the Cable.
by FOREXN1
10
BET ON DXY LONGTERM DECREASE IN VALUE?Back again. FED will be on their target next interest rise, so with that information I suppose that Market starting pricing in this fact. Important will be BoE reaction on this and I assume that they will atleast few times rise, sending Cable upward faster. Corrections meantime are sure thing to grab and shake out retail in wrong direction. If I missed something which can change my longterm bias, let me know in the comments please! Wish you only greens, Jake
Long
by jake1fx
Cable Is Moving Into 5th WaveCable is moving into 5th wave, as we see it unfolding a five-wave bullish impulse from the lows by Elliott wave theory. Cable with ticker GBPUSD reached a multi-year low after a capitulation back in September 2022. Notice that the price is now looking impulsive on a daily chart, clearly within a five-wave cycle, which indicates for a change in the trend from bearish to bullish by Elliott wave theory. Now that Cable is trading in 5th wave, we should be aware of a corrective slow down, however, there can be still room up to 1.26 – 1.30 area before correction shows up. From Elliott wave perspective, every five-wave impulse from lows/highs suggests a change in the trend, but most importantly, after every five waves there comes a three-wave correction.
by ew-forecast
YOU HAVE SAME VIEW ON GBP/USD? SHARE IT WITH US!Short term - BEARISH Im getting on bearish bias. Cable grapping liquidity from here and will be in need of correction which i consider as needed before another grow. Fundamental to this can be that DXY is also bleeding a lot and will be in need to correct itself before next FED announces/events. Long term - BULLISH As I already wrote. DXY manipulating whole market but is getting weaker. One of few main things will be that there is last rate hikes infront of us and FED will be on their target. I dont think it will leade to massive sell off DXY right away, manipulation at this moment is very in game to me. But also I see market already absorbing (pricing in) next rise of interest. Investors will longtermsell DXY leads to upward move of /USD pairs. Next things is the Yuan thing and BRICS and other. Let me know if I think about it right in comments, Wish you green ones only! Jake
by jake1fx
Breaking Down the GBPUSD PairThe GBPUSD cable pair hit our projected target at 1.24171 without first pull-back to the minor support identified around the 1.21007 price level. With a bearish close on the daily timeframe, the pair is likely to trade back to the first demand zone at 1.20975 to find the necessary support to move out of the trading range condition. The 50-SMA and 200-SMA can act as support levels for the price action. The resistance level or the supply zone playing out on the 4-hour chart with divergence signaling price reversal. If the price closes below the 1.22989 level, we can see it trading to the 1.21084 level. On the 1-hour chart, price forming a potential head and shoulder pattern. There is no high-impact news for the Great British pounds in the coming week that can result in high volatility, but the US dollar is likely to be volatile considering expected high-impact news.
by ClintOnos
CABLE RETEST B4 WAVE #3GBP/USD looks as if some weakness is creeping in to the chart. On the smaller timeframes we had a TEST of the resistance at 1.235 area during large session volumes, followed by a subsequent retest where it looks as if buyers are exhausted, as they have failed here to push above the resistance during multiple sessions. Looking for volumes to start pulling CABLE DOWN TO SUPPORT, around the 1.20 area which is VERY solid support structure. Any longs should be resumed in this area, assuming that the price action does play out. From a fundamental level we have Powell who just hiked the dollar 25 base points which should provide some short term support to the ROCKY DXY
Short
by NakedTrading4U
GBP/USD: KEY 1.2420 AND 1.2500 LEVELS CAN BE TESTED QUITE SOONAccording to analysts at ING, GBP/USD is currently fluctuating below the 1.2300 level after the Bank of England's recent decision to raise the policy rate by 25 basis points. The economists predict that the pair will soon test the key resistance levels of 1.2420 and 1.2500. Despite the rate hike, the Bank of England did not provide much guidance in their statement, and it seems that the Monetary Policy Committee (MPC) has left all options open. It was anticipated that the BoE would not offer any substantial guidance, leading to a brief impact on the Pound. As predicted, this has been the case. It is likely that the BoE will take a pause in May, despite the recent rise in inflation. The analysts believe that with around 30 basis points of tightening in the price, there is potential for a repricing lower to favor a slightly higher EUR/GBP. The BoE's decision does not seem to have much of an impact on Cable, and with the view for Dollar downside risks, the key resistance levels of 1.2420 and 1.2500 are expected to be tested in the near future.
Long
by FOREXN1
3