Cable ( GBPUSD ) does look like giving out an appealing short entry possibly heading to a new historic low or at least previous predefined and recent lower target considering the following:
1- We have breached and retested the latest possible lower trendline (Green) on the daily timeframe
2- There is a possibility of double tops on daily timeframe if we break the neckline at 1.1902 however, we have already broken the double tops on weekly that had the neckline at 1.205x please see the following picture:
3- Monthly is marking a bearish engulfing but we still got two days for it to finish so I won't take it under consideration unless the monthly candle is closed
4- We have two PAs (weekly double tops and daily trendline) that say that GBPUSD should decline in the upcoming days. However, towards the further evidence we should see Daily TF double tops confirmed as well. But the confirmed two PAs are more than enough reasons to go short at the moment.
5- White boxes and white horizontal lines mark the possible lower targets of the bearish reversal on daily
That is all folks, best of luck :-)
1- We have breached and retested the latest possible lower trendline (Green) on the daily timeframe
2- There is a possibility of double tops on daily timeframe if we break the neckline at 1.1902 however, we have already broken the double tops on weekly that had the neckline at 1.205x please see the following picture:
4- We have two PAs (weekly double tops and daily trendline) that say that GBPUSD should decline in the upcoming days. However, towards the further evidence we should see Daily TF double tops confirmed as well. But the confirmed two PAs are more than enough reasons to go short at the moment.
5- White boxes and white horizontal lines mark the possible lower targets of the bearish reversal on daily
That is all folks, best of luck :-)