After pull back and consolidation Cable turns bearish again
We had three weeks of pull back, some consolidation (and from me some hope it would go a bit more higher), but today GBP got another hit, and turned back bearish.
Weekly:
- Ichimoku is bearish
- Heiin-Ashi showed correction for 2-3 weeks, but now it looks like a bearish reversal again. haDelta/SMA3 crosses down.
- EWO is still heavy bearish
Daily:
- Quick spike above Kijun, followed by 7 days of range consolidation, and also a weak bullish Tenkan/Kijun cross turned daily Ichimoku setup closer to neutral. As Price is breaking back below Kijun again, the setup will soon become bearish.
- Heikin-Ashi candle made a decision today. Long red body. haDelta/SMA3 also decisively back below zero. HA Oscillator turns bearish. Selling pressure started to increase today.
- EWO failed to come back above zero.
How deep the selling will send Cable this time I don't know. Actually we all know the risks of GBP. What will the FED do later this year is another issue.
Technically it is bearish. The question now if it makes a lower low below 1,4150, or not. And also worth to watch EWO divergences later.
Strategy:
Since I can not be bullish for the USD in general, I am flat now.
I had my Call spreads which I closed with reasonable profit when Price reached 1,4600 spot. Since then I bought some outright during last few trading days at 1,4480 avg, and I got stopped today at 1,4400.
Weekly:
- Ichimoku is bearish
- Heiin-Ashi showed correction for 2-3 weeks, but now it looks like a bearish reversal again. haDelta/SMA3 crosses down.
- EWO is still heavy bearish
Daily:
- Quick spike above Kijun, followed by 7 days of range consolidation, and also a weak bullish Tenkan/Kijun cross turned daily Ichimoku setup closer to neutral. As Price is breaking back below Kijun again, the setup will soon become bearish.
- Heikin-Ashi candle made a decision today. Long red body. haDelta/SMA3 also decisively back below zero. HA Oscillator turns bearish. Selling pressure started to increase today.
- EWO failed to come back above zero.
How deep the selling will send Cable this time I don't know. Actually we all know the risks of GBP. What will the FED do later this year is another issue.
Technically it is bearish. The question now if it makes a lower low below 1,4150, or not. And also worth to watch EWO divergences later.
Strategy:
Since I can not be bullish for the USD in general, I am flat now.
I had my Call spreads which I closed with reasonable profit when Price reached 1,4600 spot. Since then I bought some outright during last few trading days at 1,4480 avg, and I got stopped today at 1,4400.