GBPUSD: Our Weekly Monitor

FX:GBPUSD   British Pound / U.S. Dollar
743 18 17
To understand exactly where we want to go, before looking at this chart (H4), you must know our weekly analysis (published also below).

Looking H4, we could have completed the first leg (pullback) and after a possible rebound, we see in training the second leg of a pullback with "abcd" model.
It will be very interesting as the cable open today ...

WEEKLY MARKET MOVER: 7 May - Election Day

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Thanks for sharing I was about to publish this
Am I the only crazy one over here who thinks it might fall lower than this? I think we have to hit the lower band of the channel once more before going up.
SignalSwiss Yahia.Awes
absolutely, in the medium term it is very likely :)
+2 Reply
pezq Yahia.Awes
Well, I for one think that cable will fall to lower levels. First of all DXY is reversing upwards and secondly, whatever the result of the uk election the short term results cant be good for cable. As for the simple pin bar - which stands for Pinocchio - whose characteristics was a long nose due to lying - it is a tried and tested trading signal. At the end of the day this is about trading. Its not about being right. I am happy to stand by my steadily increasing equity.
pezq pezq
Just for interest I went through the recent weekly chart of GBPUSD to see which pin bars would have been profitable. I think the picture speaks for itself.
caution..... more different location........ more different pin...... only my opinion...
+1 Reply
May be its just a pinbar but I wait at least 100 pips profit for sell.
nobody says otherwise
+1 Reply
@pezq @signalsuisse Gents, you both could be right but different timing. I think GBPUSD has room for further downside till 1.5020 and then next leg up.

@pezq the answer perhaps is not in cable, but the greenback

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