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barry_fxtrader

Bullish and Bearish potential setups on Cable

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
barry_fxtrader  
FX:GBPUSD   British Pound / U.S. Dollar
cable GBPUSD gbpusdshort gbpusdlong gbpusd4hrs gbpusddaily Support and Resistance Supply and Demand Bearish Patterns targetzone targets Fibonacci Fibonacci Retracement nfp nonfarmpayroll trend trendtrading trendcontinuation Trend Lines trendfollowing
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cable gbpusd gbpusdshort gbpusdlong gbpusd4hrs gbpusddaily supportandresistance supplyanddemand bearish targetzone targets fibonacci fibonacciretracement nfp nonfarmpayroll trend trendtrading trendcontinuation trendline trendfollowing
I have highlighted daily support areas which are confluent with Fibonacci levels. I lean towards the Bearish side, however I would not discount the Bullish targets on screen, especially with announcements from the US today.
The bullish or bearish move will depend largely on price action and candlestick confirmation for me.

Another reason for leaning to the bearish side is trend-continuation. Here the overall Bear trend is in full force and I tend to lean towards trading with the trend as much as possible.

This is an example of some very effective yet basic technical analysis which is tested and proven to work time and time again.

Please leave any comments should you wish to do so.

Happy trading and I hope you all have a great weekend!

Barry the Forex Trader
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