Cable turned bullish for some weeks ?

FX:GBPUSD   British Pound/U.S. Dollar
Examining the cable pair closely on a high timeframe made me seen

1) On Sept 4th 2015, Price has hit the Monthly trendline and started doing bullish trend
2) On Sept 4th,2015, the Price has also hit Monthly/Weekly Support ~1.51658
3) Looking at RSI , it is still in a bullish mode

Based on this, long term the price might only continue to increase toward Monthly bearish trendline ?

Comments ?

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ninjabenja PRO
2 years ago
You have given your chart a "long" bias; what would your invalidation level be?
IanMFX ninjabenja
2 years ago
Hi Ninjabenja, thanks for the reply.

I just looked at the chart again and I saw that the 2008 market crash came down to this Monthly support trendline and was rejected to continue lower. Have noticed before. Regardless, it helps with the other rejections of May/June 2010 and also March to July 2013 to show that the price seems to respect this bullish trend to have the cable pricing return to a "normal" status to be within the range between the two dotted red lines (Resistance/support).

Looking also at Jan to May 2015, the latest rejection of the price which is clear to me that the buyers wants to give a shot.

My invalidation rule are:

A) IFthe Price breaks these two supports
B) And IF also Price breaks the last LL of May 2015 (1.4568)
C) And IF no rejections again
THEN we're good.

Of course, I'm no expert and past prices and trends aren't what we could see in the future but it is remarkable how it supports it.

Do you have other analysis ?

2 years ago
Here's a closure look at a lower Timeframe and my inner-range structure analysis
Close-up of the Cable
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