barry_fxtrader
Short

Bullish and Bearish potential setups on Cable

FX:GBPUSD   British Pound / U.S. Dollar
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
the GU is currently retesting the support at 1.51725, are u going for long?
Reply
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