An update on our current long position on cable

FX:GBPUSD   British Pound / U.S. Dollar
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Weekly view – Following the rebound seen from the 1.5144 region, price recently connected with the lower limits of a long-term weekly swap level at 1.5451.

Daily view: Once again, the volatility seen during yesterday’s session was quite heavy. This saw the GBP hit a daily swap area seen at 1.5478-1.5435, which forced the market to close only 19 pips above yesterday’s closing price.

4hr view: For those who read yesterday’s report on the GBP, you may recall that we are currently long (1.5228) this pair from the top side of the 4hr Harmonic Bat completion area seen in green at 1.5224-1.5164 (located around the upper limits of the aforementioned daily demand area). We also mentioned that if price hit 1.5400 (converges with 0.382 – A-D retracement), we’d likely look to move our stop to breakeven and take some profit, which is what we have done. 70% of our position has already been liquidated and our stop-loss order is firmly sitting at breakeven plus five pips. Essentially, we’re in a risk-free trade and will either let this position stop us out at breakeven or rally to our final take profit level set around the 1.5550 mark – the 0.618 Fibonacci retracement level.

With regards to today’s potential movement, we are expecting price to consolidate ahead of the NFP release. Numbers to keep an eye on during the announcement are 1.5300 and 1.5400. A sustained move above 1.5400 going into the weekend will of course be a fantastic result for us.

Levels to watch/ live orders:

• Buys: 1.5228 (Predicative stop-loss orders seen at: set at breakeven plus five pips).
• Sells: Flat (Predicative stop-loss orders seen at: N/A).

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Gonna be interesting to see where we go from here :) We have one position SHORT opened since C (on your bat). But we expect more downside on this one, if we are not stopped out due to trading rules, are in this one down to 1.48 before we can se a reversal :)
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